VIQ Solutions Announces Early Closing of Oversubscribed Non Brokered Private Placement
November 15 2017 - 11:08AM
VIQ Solutions Inc. (“
VIQ”, or the
“
Company”) (TSX Venture:VQS), a global expert
providing a cybersecurity protected technology and service
platform, today announced the closing of its non-brokered private
placement which was oversubscribed.
The Company issued 11,022,281 units (“Units”)
at a price of $0.30 per Unit for gross proceeds of CDN$3.3 million
(the “Non-Brokered Offering”), exceeding its goal
of CDN$2.5 million as set out in the Company’s press release dated
November 2, 2017 (the “Press Release”) in respect
of the Non-Brokered Offering.
The Company anticipates closing its previously announced
brokered private placement of Units on or about November 22,
2017.
Funds will be used to accelerate market delivery of the
Company’s artificial intelligence platform, AI Assist. The
next growth for digital content is the application of Artificial
Intelligence to real world challenges via added value services.
This is exactly what VIQ is doing with its AI Assist strategic
initiative starting with several existing VIQ public safety,
intelligence, medical and judicial customers. AI Assist will enable
our clients to unlock the business value from the vast amount of
highly secured audio and video content they collect and aid
in quality assurance, decision support, operational excellence, and
proactive prevention. VIQ’s end-to-end platform enables our clients
to marry the power of AI with full data capture and management in
an ultra-secure and collaborative environment.
Each Unit consists of one common share in the capital of the
Company (“Common Share”) and one half of one
common share purchase warrant (each whole common share purchase
warrant being a “Warrant”). Each Warrant entitles
the holder to purchase one Common Share at a price of $0.39 for a
period of eighteen (18) months from the date of issuance, being
November 15, 2017. The securities being issued pursuant to
the Non-Brokered Offering will be subject to a hold period expiring
four months and one day from the date of issuance in accordance
with applicable Canadian securities law and subject to final
approval of the TSX Venture Exchange upon filing standard
documentation.
Insiders of the Company and existing shareholders subscribed for
an aggregate of 5,316,665 Units representing approximately CDN$1.6
million of the gross proceeds of the Non-Brokered Offering.
As a result, the issuances of Units to insiders pursuant to the
Non-Brokered Offering is considered related party
transactions within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). VIQ
relied on exemptions from the formal valuation and minority
approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101
in respect of such insider participation, based on a determination
that the fair market value of the participation in the Non-Brokered
Offering by insiders did not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI
61-101. The Company filed a material change report in respect of
the related party transaction less than 21 days prior to the
closing of the Non-Brokered Offering, which the Company deemed
reasonable in the circumstances so as to be able to avail itself of
the proceeds of the Non-Brokered Offering in an expeditious
manner.
For further information: Peter Kostandenou, VIQ
Solutions, (905) 948-8266 ext. 213, email:
pkostandenou@viqsolutions.com
About VIQ Solutions Inc.
VIQ Solutions is the leading technology and service platform
provider for digital evidence capture and content management. Our
secure modular software allows customers to onboard the VIQ
platform at any stage of their organization's digitization, from
the capture of digital content from video and audio devices through
to online collaboration, mobility, data analytics and integration
with sensors, facial recognition, speech recognition and case
management or patient record systems. VIQ's technology leads the
industry in security, meeting the highest international standards
for digital/cyber security and privacy, including military and
medical regulations.
Our solutions are in use in over 20 countries with tens of
thousands of users in over 200 government and private agencies
including law enforcement, immigration, medical, legal, insurance,
courts, transportation and transcription service providers. VIQ
also provides end to end transcription services to several large
government agencies through our Australia-based reporting and
transcription partners. VIQ operates worldwide with partners like
security integrators, audio-video specialists, and hardware and
data storage suppliers. Managing digital media evidence is what we
do, and we do it better than anyone else.
For more information about VIQ Solutions, please visit
www.viqsolutions.com.
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
for the purposes of applicable securities laws include, among
others, statements regarding the Non-Brokered Offering, the use of
proceeds of the Non-Brokered Offering and the operation and future
performance of the Company. These forward-looking statements in
this release are subject to numerous risks, uncertainties and other
factors that may cause future results, performance or achievements
to differ materially from those expressed or implied in such
forward-looking statements.
The Company expressly disclaims any intention or obligation to
update or revise any forward looking statements whether as a result
of new information, future events or otherwise except as required
by applicable securities legislation. The forward-looking
statements or information contained in this news release are
expressly qualified by this cautionary statement.
For more information on what is making the news at VIQ
Solutions, please visit our website at
www.viqsolutions.com/news.html.
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.
VIQ Solutions (TSXV:VQS)
Historical Stock Chart
From Mar 2024 to Apr 2024
VIQ Solutions (TSXV:VQS)
Historical Stock Chart
From Apr 2023 to Apr 2024