Mr. Bradley Wells reports

VIQ SOLUTIONS ANNOUNCES CLOSING OF INSIDER LED PRIVATE PLACEMENT

VIQ Solutions Inc. has closed its previously announced non-brokered private placement of 10,752,685 units of the company at a price per unit of 18.6 cents for aggregate gross proceeds of approximately $2-million. Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of 18.6 cents per common share until Oct. 27, 2030.

Insiders of the company subscribed for 10.75 million units. Accordingly, the offering is considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company relied on Section 5.5(b) and the financial hardship exemption from the minority shareholder approval requirements set out in 5.7(1)(e) of MI 61-101.

As part of the offering, Bradley Wells, a director of the company, acquired 4,838,709 units for an aggregate purchase price of approximately $900,000. Prior to the offering, Mr. Wells owned, or had control or direction over, 7,875,447 common shares, 1,705,712 warrants to purchase common shares and 235,686 restricted share units of the company (RSUs), representing approximately 17.11 per cent of issued and outstanding common shares on a partially diluted basis (assuming the conversion of all warrants and RSUs). After the offering, Mr. Wells owns, or has control of direction over, 12,714,156 common shares, 6,544,421 warrants and 235,686 RSUs, representing approximately 26.71 per cent of the issued and outstanding common shares on a partially diluted basis (assuming the conversion of all warrants and RSUs). Mr. Wells directly acquired the units for investment purposes. Mr. Wells may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the company.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, 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 cyber-secure, 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.

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