Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - Beedie Investments Ltd. ("Beedie") has acquired beneficial ownership over an aggregate of 2,175,142 common share purchase warrants (the "Warrants") of VIQ Solutions Inc. (the "Company"). Each Warrant is exercisable to purchase one common share of the Company (each, a "Warrant Share"). Of the 2,175,142 Warrants acquired, 1,341,019 Warrants have an exercise price of Cdn$0.2004 per Warrant Share and the remaining 834,123 Warrants have an exercise price of Cdn$0.2029 per Warrant Share. The Warrants expire on June 19, 2031.The Warrants were issued to the Beedie (the "Warrant Issuance") following the Company obtaining shareholder approval to increase the number of Warrants issuable to Beedie under the terms of a credit agreement (the "Credit Agreement") by and among the Company and Beedie in order to permit Beedie to receive the number of Warrants that Beedie would have otherwise been entitled to receive in connection with the advances made under the Credit Agreement, but which were not issued because of the original limits set forth in the Credit Agreement.
Immediately prior to the Warrant Issuance, Beedie beneficially owned 3,000,000 common shares in the capital of the Company ("Common Shares") and 8,589,538 Warrants. If the aforementioned Warrants were converted in full into Common Shares, Beedie, directly or indirectly, would beneficially own or control a total of 11,589,538 Common Shares, representing approximately 19.39% of the issued and outstanding Common Shares immediately prior to Warrant Issuance on a partially diluted basis. Following completion of the Warrant Issuance and assuming the exercise in full of the Warrants acquired, Beedie, directly or indirectly, would beneficially own or control a total of 13,764,680 Common Shares, representing approximately 22.22% of the issued and outstanding Common Shares following the completion of the Warrant Issuance on a partially diluted basis.
All of the securities held by Beedie in VIQ, including the Common Shares and the Warrants, are being held for investment purposes. Beedie may in the future take such actions in respect of its VIQ securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of VIQ through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving VIQ, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Beedie may continue to hold its current positions.
A copy of the early warning report relating to the acquired Warrants will be available under VIQ's profile on SEDAR+ at , and may also be obtained by contacting Beedie Investments Limited at 604-435-3321. Beedie's head office is located at Suite 900 - 1111 West Georgia St., Vancouver, BC, V6E 4M3.
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 news release.
