VIQ Solutions Announces C$15 Million Bought Deal Equity Offering

VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, announced today that it has entered into an agreement to sell to a syndicate of underwriters led by Paradigm Capital Inc. (collectively, the “Underwriters”) on a bought deal basis 3,529,500 common shares (“Common Shares”) at an offering price of C$4.25 per Common Share for gross proceeds of approximately C$15 million (the “Offering”).

The Company has granted the Underwriters the option (the “Over-Allotment Option”) to purchase up to an additional 529,425 Common Shares at a price of C$4.25 per Common Share, exercisable at any time for a period of 30 days following closing of the Offering, which, if exercised in full, would result increase the gross proceeds of the Offering to approximately C$17.25 million.

The Company intends to use the net proceeds of the Offering to fund the continued development of its product and service offerings, to fund potential future acquisitions and for general corporate purposes.

“This announcement marks a significant milestone in our growth strategy. Clearly the industry and the equity markets are showing their support of VIQ and our vision. This infusion of capital will allow for the rapid acceleration of our acquisitions and ai enhancements to deliver the most efficient technology in our markets where digitization is accelerating”, commented Sebastien Paré, the Company’s President and CEO.

The Common Shares will be offered in Canada by way of a short form prospectus to be filed in Ontario, British Columbia and Alberta, and elsewhere on a private placement basis in compliance with applicable securities laws.

The Offering is expected to close on November 26, 2020 and is subject to certain customary conditions including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under United States federal and state securities laws or an applicable exemption from such United States registration requirements.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, media, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, the expected closing date of the Offering, VIQ’s intended use of the net proceeds of the Offering, trends in the markets in which VIQ operates and the potential exercise by the Underwriters of the Over-Allotment Option. Forward-looking statements or information is based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on such forward-looking statements, as VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, VIQ’s ability to obtain all necessary regulatory and stock exchange approvals for the Offering, VIQ’s ability to identify and acquire suitable acquisition targets, the accuracy of VIQ’s expectations with respect to industry and market trends and global economic conditions including the continuing effects of COVID-19. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used. Forward-looking statements or information is based on current expectations, estimates and projections that involve several risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ and described in the forward-looking statements or information, including the risks and uncertainties described under the heading “Risk Factors” in VIQ’s Annual Information Form for the year ended December 31, 2019, filed with the Canadian securities regulatory authorities under VIQ’s SEDAR profile at www.sedar.com. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, VIQ undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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