VIQ Solutions Announces C$15 Million Bought Deal Equity Offering

Media Center Press Release

PHOENIX–(BUSINESS WIRE)–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.

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