Ms. Susan Sumner reports

VIQ SOLUTIONS ANNOUNCES DRAW ON PREVIOUSLY ANNOUNCED US$15 MILLION CREDIT FACILITY

VIQ Solutions Inc. has drawn a subsequent advance of $1-million (U.S.) under the company's previously announced senior secured loan of up to $15-million (U.S.) with Beedie Investments Ltd. (the lender) pursuant to the terms of a credit agreement by and among the company and the lender. As of the date hereof, $13-million (U.S.) of the loan has been advanced to the company. The company intends to use the subsequent advance primarily for a restructuring plan expected to yield between $2-million (U.S.) and $2.5-million (U.S.) in reduced expenses over the next 12 months.

"As we accelerate the expansion of our global AI generated workflow technologies, much like we announced in 2022, the integration of our acquisitions and migrations of our client base to our technology, drive cost reductions that result in savings to the company," continued Susan Sumner. "Not only is the migration to aiAssist delivering higher productivity, but it also creates significant workflow improvements that drive greater efficiency throughout the entire organization, from production operations to finance, without compromising our client commitments. Every day we are proving that the model we set out to deliver to change this industry is in fact playing out as planned. While COVID-19 and the tumultuous economic conditions of the past two years brought many challenges to the company, we now see the fruits of the investment and continued development of NetScribe, powered by aiAssist."

Terms of the credit agreement and warrant issuance

The principal amount outstanding under the loan bears interest at 12.5 per cent per annum, comprising cash interest of 9.5 per cent per annum, calculated and paid monthly, and paid-in-kind interest charged at a rate of 3.0 per cent per annum, compounded monthly and added to the outstanding principal amount of the loan. A standby fee is charged monthly at a rate of 1.5 per cent per annum on the undrawn amount of the standby facility.

In connection with the Subsequent Advance, the company has issued 497,423 common share purchase warrants to the lender. Each warrant is exercisable to purchase one common share of the company at an exercise price of 45 cents per warrant share. The warrants expire on July 25, 2030.

The loan is secured against all of the assets and property of the company and certain subsidiaries pursuant to a general security agreement.

SenaHill served as exclusive financial adviser for VIQ Solutions in connection with the loan and Dentons Canada LLP acted as legal adviser.

A copy of the credit agreement is available under the company's profile on SEDAR.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology, and transcription services. VIQ Solutions offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured and repurposed into actionable information. The cybersecure, AI technology and service platform is implemented in the most rigid security environments, including criminal justice, legal, insurance, government, corporate finance, media and transcription service provider markets, to improve the quality and accessibility of evidence, to easily identify predictive insights, and to achieve digital transformation faster and at a lower cost.