Bionik Laboratories Corp. announced that it has entered into an agreement and issued $250,000 a loan from an existing shareholder on April 20, 2023. The loan is evidenced by a convertible promissory note.

The note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and will be payable, along with the principal amount, on the two-year anniversary of the issue date. The note will be convertible into equity of the company upon the following events on the following terms, on the maturity date without any action on the part of the lender, the outstanding principal and accrued and unpaid interest under the note will be converted into shares of common stock at a conversion price equal to the closing price of the company's common stock on the maturity date upon the consummation of the next equity or equity linked round of financing of the company. The security issued in the transaction is provided by Section 4(a)(2) of the Securities Act of 1933, as amended and exempt from registration under Rule 506(b) of Regulation D.