Parallax Health Sciences, Inc. (OTCPK:PRLX) announced that it has entered into a securities purchase agreement for a private placement of series B1 convertible preferred shares for maximum gross proceeds of $5,000,000 on February 10, 2020. The company will issue securities pursuant to exemption provided under Regulation D. The preferred shares are redeemable at 120% of face value and unpaid dividends, are convertible into common shares at a fixed conversion price of $0.15 per share, carries a fixed annual dividend rate of 10%, and will matures in two years, at which time the preferred shares will automatically convert into common stock. The company will also issue 50% warrant coverage exercisable at a price of $0.25 per share for a period of three years.