BioHarvest Sciences Inc. announced a non-brokered private placement of convertible notes for gross proceeds of up to CAD 6,300,000 on April 7, 2022. The notes, will have a term of 24 months, and pay interest of 6% per annum. The notes will be convertible as to principal and accrued interest , at the option of the holder, at any time following one year from their issuance into common shares of the company at a price equal to the closing market price of its common shares on the date of conversion less a discount of 25% if the closing price is CAD 0.50 per share or less and 20% if the closing price is above CAD 0.51 but in any event not less than CAD 0.26 per share and not higher than a ceiling price equal to CAD 0.65 if converted within 90 days of the Anniversary Date, CAD 0.75 if converted between 91 and 180 days of the Anniversary Date, CAD 0.85 if converted between 181 and 270 days of the Anniversary Date and CAD 0.95 thereafter.

The company may pay customary commissions or other sales incentives to registered brokers or investment dealers or finders.