VIQ Solutions Announces Closing of Insider Led Private Placement
October 28, 2025 8:00 AM EDT | Source: VIQ Solutions Inc.
Mississauga, Ontario--(Newsfile Corp. - October 28, 2025) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ", "VIQ Solutions" or the "Company"), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, is pleased to announce it has closed its previously announced non-brokered private placement of 10,752,685 units of the Company ("Units") at a price per Unit of C$0.186 for aggregate gross proceeds of approximately C$2,000,000 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$0.186 per Common Share until October 27, 2030.
Insiders of the Company subscribed for 10.75 million Units. Accordingly, the Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(b) and the financial hardship exemption from the minority shareholder approval requirements set out in 5.7(1)(e) of MI 61-101.
As part of the Offering, Bradley Wells, a director of the Company, acquired 4,838,709 Units for an aggregate purchase price of approximately $900,000. Prior to the Offering, Mr. Wells owned, or had control or direction over, 7,875,447 Common Shares, 1,705,712 warrants to purchase Common Shares and 235,686 restricted share units of the Company ("RSUs"), representing approximately 17.11% of issued and outstanding Common Shares on a partially diluted basis (assuming the conversion of all warrants and RSUs). After the Offering, Mr. Wells owns, or has control of direction over, 12,714,156 Common Shares, 6,544,421 warrants, and 235,686 RSUs representing approximately 26.71% of the issued and outstanding Common Shares on a partially diluted basis (assuming the conversion of all warrants and RSUs). Mr. Wells directly acquired the Units for investment purposes. Mr. Wells may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.
For more information about VIQ, please visit viqsolutions.com. The Company's head office is located at 5915 Airport Road, Suite 700, Mississauga, Ontario L4V 1T1.
About VIQ Solutions
VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.
Forward-looking Statements
Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") 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 (typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur). These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements with respect to the Company's current and future growth prospects.
Forward-looking statements are based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's annual information form and in the Company's other materials filed on SEDAR+ at www.sedarplus.ca.
These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272161
© 2025 Newsfile Corp. All rights reserved.
