Q BioMed Inc. announced that it has entered into a securities purchase agreement with GS Capital Partners LLC for a private placement of a 6% convertible redeemable note for aggregate gross proceeds of $2,015,000 on September 29, 2021. The note issued was of principal amount of $2,200,000 and was issued at discount of $185,000. The note bears an interest rate of 6% per annum and matures on September 30, 2022. The note is convertible into common shares at a fixed price of $1 per share till 6 months and shall be fixed to $0.50 per share after six months. The company may prepay the debenture at 105% of the outstanding aggregate principal amount plus accrued interest within the first 60 days of issuance, at 112% of the outstanding aggregate principal amount plus accrued interest from 61-120 days after issuance and at 124% of the outstanding aggregate principal amount plus accrued interest from 121-180 days after issuance. The note may not be prepaid after 180 days. The company shall pay $15,000 to the investor’s legal counsel. The securities issued will be subject to exemptions provided under the Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated under the Act. The company shall issue the investor a total of 245,000 commitment shares as additional consideration for the purchase of the debenture. The transaction is expected to close on September 29, 2021.