VIQ Solutions Announces Upsize to Previously Announced Bought Deal Public Offering to C$20 Million

Media Center Press Release

PHOENIX, Ariz.–(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 amendment (the “Amendment”) to its previously announced agreement with Paradigm Capital Inc. (“Paradigm”) pursuant to which Paradigm, on behalf of a syndicate of underwriters including Acumen Capital Partners (together with Paradigm, the “Underwriters”), have agreed to increase the size of the previously announced bought deal financing. Pursuant to the Amendment, the Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 4,705,900 common shares (“Common Shares”) at a price of C$4.25 (approximately US$3.24) per Common Share for aggregate gross proceeds to the Company of approximately C$20 million (approximately US$15.27 million) (the “Offering”).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.

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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