VIQ Solutions draws $1.25 million advance, raises interest rate by 2%

Chicago, Nov. 10 – VIQ Solutions Inc. amended its $15 million credit agreement from January 2023 with Beedie Investments Ltd., according to a press release.

The company drew a subsequent advance of $1.25 million, bringing the total amount advanced under the loan to $14.25 million.

The amendment increased interest by 2%, to 14.5%. Of the 14.5% rate, 9.5% will be paid in cash and 5% will be paid in kind.

The lender was also granted a participation right in certain future equity financings and the company will be seeking shareholder approval at its next annual general meeting to increase the number of warrants issuable to the lender.

If shareholders do not approve more warrants, VIQ will need to pay a $375,000 amendment at maturity of the loan.

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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