VIQ Solutions Inc. (“
VIQ”, or the
“
Company”) (TSX Venture:VQS), a global expert
providing a cybersecurity protected technology and service
platform, is pleased to announce that, further to its news releases
dated November 2, 2017, and November 15, 2017 it has successfully
closed both its non-brokered private placement (the
“
Non-Brokered Offering”) and its brokered private
placement led by Echelon Wealth Partners Inc (the “
Brokered
Offering”, and together with the Non-Brokered Offering,
the “
Private Placements”).
The Company issued an aggregate of 16,373,446
units (“Units”) at a price of $0.30 per Unit for
gross proceeds of approximately CDN$4.9 million in the Private
Placements. In addition to the November 15, 2017 press release
announcing the issuance of 11,022,281 Units pursuant to the
Non-Brokered Offering, an additional 466,666 Units of the
Non-Brokered Offering were issued for gross proceeds of $140,000 to
bring the total gross proceeds for the Non-Brokered Offering to
CDN$3.4 million, exceeding its original goal. For the Brokered
Offering, 4,884,499 units were issued for gross proceeds of
approximately CDN$1.5 million.
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 for the Non-Brokered Offering and
November 22, 2017 for the Brokered Offering and the additional
units of the Non-Brokered Offering.
In connection with the Brokered Offering the
Company paid the Agent a cash commission of CDN$102,574 and issued
to the Agent an aggregate of 341,915 warrants (the “Broker
Warrants”). Each Broker Warrant entitles the Agent to
acquire one Unit of the Company at an exercise price of $0.30 for a
period of eighteen (18) months following the closing date of the
Brokered Offering. Each Warrant issued under the Units is
exercisable into one Common Share of the Company for a period of
eighteen (18) months following the closing date of the Brokered
Offering at a price of $0.39 per Share, subject to adjustment in
certain events.
The securities being issued pursuant to both the
Non-Brokered Offering and the 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.
VIQ intends to use the net proceeds of the
Offerings to accelerate market delivery of its artificial
intelligence platform, AI AssistTM. With significant estimated
spend for Analytics and Artificial Intelligence
(“AI”) in the next five years by government
agencies mainly in public safety, intelligence and medical, AI is a
game changer for VIQ clients. We will be providing to our
customers for the first time to search, analyze, and gain
actionable insights from digital media data that will aid 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. The next growth in
digital content and AI is the application of AI to real world
challenges via added value services. This is exactly what VIQ is
doing with its AI AssistTM strategic initiative starting with
several existing VIQ public safety, intelligence, medical and
judicial customers.
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 Private Placements,
the use of proceeds of the Private Placements 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.
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