VIQ closes $585,000 second tranche of financing

Executive Summary

• VIQ Solutions Inc. has closed the second tranche of its upsized non-brokered private placement, raising approximately $585,000 in additional gross proceeds.
• The company issued 3,146,063 units at a price of 18.6 cents per unit, with each unit comprising one common share and one common share purchase warrant.
• Total proceeds from the insider-led private placements (including the first tranche) exceed $3 million, which will be utilized for technology innovations, margin improvement, organic growth, and tuck-in acquisitions.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Second Tranche Proceeds: Approximately $585,000.
• Units Issued (Second Tranche): 3,146,063 units.
• Price Per Unit: 18.6 cents.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of 19 cents per share.
• Warrant Expiration: November 5, 2030.
• First Tranche Details: Closed on October 27, 2025, with gross proceeds of approximately $2 million.
• Total Capital Raised: In excess of $3 million (combining both tranches).
• Use of Proceeds: Technology innovations to improve margins and speed of delivery to customers, support organic growth, and fund tuck-in acquisitions.
• Strategic Context: The capital supports ongoing restructuring implementation and growth trajectory initiatives.

Notable Quotes

• "We were thrilled to receive inbound interest from existing and new shareholders to participate in the insider-led private placements closed and press released on Aug. 26 and Oct. 27, respectively. Total proceeds in excess of $3-million will be used for technology innovations to improve margins and speed of delivery to customers as well as to support organic growth and tuck-in acquisitions. We will announce more details on these matters in addition to our restructuring implementation in future press releases. We have made significant progress," — Larry Taylor, Interim Chief Executive Officer.
• "We are encouraged by the enthusiasm and trust investors have shown in VIQ's growth trajectory. This oversubscribed private placement reinforces our commitment to innovation and positions us to deliver superior service and value to our customers and shareholders." — Brad Wells, Board Chair.