VIQ Solutions Inc. announces today that it has closed its previously announced registered direct offering with institutional investors (the “Offering”). Under the Offering, the Company sold 4,235,294 units (the “Units”) at a price of US$4.25 per Unit for gross proceeds to the Company of approximately US$18,000,000 before deducting fees and other estimated Offering expenses.
A.G.P./Alliance Global Partners acted as sole placement agent for the Offering.
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Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of US$5.00, subject to adjustment in certain circumstances. The Warrants will be exercisable beginning on the date that is six months following the issuance date thereof (the “Issuance Date”) and will expire five years from the Issuance Date.
VIQ intends to use the net proceeds from the Offering for continuing development of product and service offerings, potential future acquisitions as well as working capital and general corporate purposes.
The Offering was made in the United States only under the Company’s short form base shelf prospectus dated June 10, 2021 (the “Base Shelf Prospectus”), filed with the securities regulatory authorities in each of the provinces of Canada other than Quebec, and the corresponding registration statement on Form F-10 (the “Registration Statement”) filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) under the U.S./Canada Multijurisdictional Disclosure System (“MJDS”). A prospectus supplement (the “Supplement”) to the Base Shelf Prospectus was filed on a non-offering basis with applicable securities regulatory authorities in Canada and with the SEC as part of the Registration Statement under the MJDS.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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