VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

November 23, 2010 17:17 ET

VIQ Solutions Announces Non-Brokered Private Placement

MARKHAM, ONTARIO--(Marketwire - Nov. 23, 2010) - VIQ Solutions Inc. ("VIQ" or "VIQ Solutions") (TSX VENTURE:VQS) is pleased to announce that it intends to complete a non-brokered private placement for up to $5.0 million (the "Private Placement"). Pursuant to the Private Placement, VIQ may issue up to 10,000,000 units ("Units") to exempt buyers on a private placement basis at a price of $0.50 per Unit, with each Unit consisting of one common share ("Common Share") of VIQ and one warrant (a "Warrant"), each Warrant entitling the holder thereof to purchase, at any time prior to the one year anniversary of closing of the Private Placement, one Common Share at an exercise price of $0.65 per share. 

In connection with the Private Placement, VIQ has agreed to pay a cash finders fee equal to 4% of the gross proceeds raised from purchasers introduced to VIQ by certain arm's length persons ("Finders") and warrants ("Finders Warrants") to purchase Common Shares to eligible Finders equal to 10% of the Units sold to such purchasers. Each Finders Warrant shall entitle the holder thereof to purchase, at any time prior to the one year anniversary of closing of the Private Placement, one Common Share at an exercise price of $0.65 per share.

Proceeds from the proposed Private Placement will be used for general working capital purposes.

All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the closing date. The Private Placement is subject to approval from the TSX Venture Exchange.

About VIQ Solutions Inc.

VIQ Solutions is recognized as a global provider in the digital audio industry with innovative product and service-based solutions for voice-driven systems in the legal, medical, business, and government industries. VIQ Solutions provides an integrated range of digital record workflow solutions, including digital audio and video capture, workflow management software, transcription services, interactive electronic scheduling, and case management integration, all from one central, secure database.

Forward-looking Statements

This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing of the Private Placement and the anticipated use of the proceeds of the Private Placement. Although VIQ believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because VIQ can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the Private Placement could be delayed if VIQ is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Private Placement will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Private Placement will not be completed within the anticipated time or at all. The intended use of the proceeds of the Private Placement by VIQ might change if the board of directors of VIQ determines that it would be in the best interests of VIQ to deploy the proceeds for some other purpose.

The forward looking statements contained in this press release are made as of the date hereof and VIQ undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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