VIQ Solutions Announces Closing of Insider Led Private Placement

Executive Summary

• VIQ Solutions Inc. closed a non‑brokered private placement of 10,752,685 units at C$0.186 per unit, raising approximately C$2 million in gross proceeds.
• Each unit consisted of one common share and one warrant to purchase an additional common share at C$0.186 (exercisable until 27 Oct 2030).
• Director Bradley Wells purchased 4,838,709 units for about $900 k, increasing his indirect ownership from ~17.1% to ~26.7% on a partially diluted basis.

Key Details

• Offering Size & Price: 10,752,685 units @ C$0.186 per unit → total gross proceeds ≈ C$2,000,000.
• Unit Composition: 1 common share + 1 warrant (exercise price C$0.186, exercisable until 27 Oct 2030).
• Related‑Party Transaction: Insiders subscribed for the entire offering; reliance on MI 61‑101 exemption from minority shareholder approval.
• Director Participation: Bradley Wells acquired 4,838,709 units for ≈ C$900,000.
• Post‑Offering Ownership (Bradley Wells):
• Common shares controlled: 12,714,156
• Warrants controlled: 6,544,421
• RSUs retained: 235,686
• Approximate ownership on a partially diluted basis: 26.71% (up from 17.11%).
• Use of Proceeds: Not explicitly disclosed in the release; typical purposes include working capital, product development, and general corporate purposes.

Notable Quotes

(No executive quotes were included in the release.)