Mr. Jacob Manning reports

VIQ SOLUTIONS ANNOUNCES TERM LOAN AND FOURTH AMENDMENT TO CREDIT FACILITY

VIQ Solutions Inc. has entered into a $1.5-million term loan with Beedie Investments Ltd. (the lender). An initial amount of $500,000 (U.S.) has been advanced to the company under the term loan as of the date hereof, while the remaining $1-million (U.S.) will be available to be drawn by the company in tranches of $500,000 (U.S.), subject to lender approval. Any undrawn amounts under the term loan shall be subject to a standby fee of 1.5 per cent per annum. The term loan will bear an interest rate of 14 per cent, comprising cash interest of 7 per cent per annum and paid-in-kind interest charged at a rate of 7 per cent per annum, compounded monthly and added to the outstanding principal amount of the term loan. The term loan has a maturity date of Jan. 13, 2027. The company intends to use the amounts advanced pursuant to the term loan for general corporate and working capital purposes.

In connection with entering into the term loan, the company and the lender entered into a fourth amendment agreement in order to amend certain terms of the credit agreement dated Jan. 13, 2023, between the company and the lender, as amended, governing the company's $15-million (U.S.) senior secured loan with the lender (the original loan). Pursuant to the terms of the fourth amendment agreement and effective as of the date of the fourth amendment agreement, the interest rate on the original loan was increased by 1.25 per cent to 15.75 per cent, comprising cash interest of 9.5 per cent per annum and paid-in-kind interest charged at a rate of 6.25 per cent per annum, compounded monthly and added to the outstanding principal amount of the original loan. Additionally, the fourth amendment agreement amended the prepayment fee under the credit agreement such that, among other things, a prepayment fee equal to the accrued and unpaid interest on the prepayment amount up to the date of prepayment plus the greater of: (i) 3 per cent of the prepayment amount; and (ii) the accrued and unpaid interest on the prepayment amount from the date of prepayment to March 13, 2026, applies to any voluntary prepayment of the original loan occurring on or before March 13, 2026.

The lender is a related party of the company as such term is defined under applicable securities laws, and, as a result, the entering into the term loan is considered a related party transaction (as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions). The company has relied on certain exemptions from the requirement to obtain a formal valuation and minority shareholder approval, namely sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the subject matter of nor the fair market value of the consideration for the term loan exceeds 25 per cent of the company's market capitalization.

A copy of the credit agreement is available and a copy of the fourth amendment agreement will be available under the company's profile on SEDAR+.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven (artificial intelligence), digital voice and video capture technology and transcription services. VIQ 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 services platform are implemented in the most rigid security environments, including criminal justice, legal, insurance, government, corporate finance, media and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

We seek Safe Harbor.