VIQ Solutions closes on C$15 million term loan with warrants

New York, Nov. 28 – VIQ Solutions Inc. completed a C$15 million five-year term loan on Wednesday according to two news releases.

VIQ drew an initial C$5 million advance to help fund the acquisition of Net Transcripts, Inc., a provider of secure multi-speaker documentation services to law enforcement and criminal justice organizations.

The remaining C$10 million may be used to fund acquisitions until June 30, 2019.

Interest is 10% and VIQ also issued 2,127,659 shares to Crown Capital Partner Funding, LP and warrants to acquire a further 9 million shares at C$0.162 for five years.

The lender is Crown Capital Partners Inc.

VIQ Solutions is a Toronto-based technology company specializing in video and voice-to-text capture, providing services to law enforcement, immigration, medical, legal, insurance, courts and transcription service providers.

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