MARKHAM, ONTARIO -- (Marketwired) -- 07/07/15 -- VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE: VQS) is pleased to announce that it has secured an additional $200,000 of working capital to further assist in funding its ongoing operations and growth initiatives. These funds are in addition to the $202,205 of financing proceeds described in the Corporation's press release of June 16, 2015. Accordingly, across both of its recently announced financing transactions, VIQ Solutions has raised $402,205 in working capital to be applied to ongoing operations.
Specifically, the Corporation has entered into an arm's length loan agreement providing for a 10.5% secured, subordinated term loan in the principal amount of $100,000 maturing in June 2017. The Corporation has also issued a $100,000 10.5% unsecured convertible note to the same lender, maturing in June 2017. The principal amount of this note is convertible, in whole or in part, into common shares of the Corporation at a conversion price of $0.10 per share. The convertible note, and the common shares issuable on conversion thereof, are subject to a four month resale restriction from the date of issue.
Proceeds from these transactions will be used for general working capital purposes and to accelerate new go to market initiatives.
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About VIQ Solutions Inc.
VIQ Solutions is the global expert in digital recording technology. With a better approach to the collection, storage and management of digital audio, video and files, we help increase efficiency, improve security and reduce costs for courts, law enforcement agencies, insurance companies, health providers, and legislatures around the world. We've got the technology, the experience and the expertise to efficiently manage country-wide installations of hundreds of rooms, with hundreds of terabytes of data. Managing digital media evidence is what we do, and we do it better than anyone else.
Forward-looking Statements
Certain statements included in this news release constitute forward-looking statements or forward-looking information 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 or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, the use of the proceeds of the loan and the convertible note.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Corporation believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Corporation can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, that the Corporation will spend the proceeds of the loan and the convertible note in the manner described herein. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other things, the ability of management to execute its business plan and the risk that the Corporation may re-allocate the use of proceeds of the loan and convertible note. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Corporation 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 required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
VIQ Solutions Inc.
Sebastien Pare
President & CEO
(905) 948-8266 ext. 221
spare@viqsolutions.com
www.viqsolutions.com
