AXIM Biotechnologies, Inc. announced a private placement to issue 3.75% unsecured convertible promissory note for the gross proceeds of $575,000 on May 23, 2023. The transaction included participation from certain investors. Four of the Convertibles Notes, for a combined principal amount of $325,000, were issued in exchange for cash of $325,000.

One of the Convertible Note, in the principal amount of $250,000, was issued as repayment of five cash advances made to the Company, for a total of $250,000, during the period between January 12, 2023, and April 11, 2023. Each of the Convertibles Notes has the same terms as follows unsecured, interest rate of 3.75% per annum, payable annually beginning on May 23, 2024, maturity date of May 23, 2033, the Company may not prepay the Convertibles Notes, either in whole or in part, without the express written consent of holder, convertible at any time, in whole or in part, at the option of the holder, into shares of Company common stock at a conversion price that is equal to the lesser of $0.01 or 70% of the average of the two lowest closing prices of the Company's common stock in the ten trading days prior to any particular conversion; and (f) if an Event of Default (as defined in the Convertibles Notes) occurs, the holder thereof may declare the entire balance of the note, including all accrued interest immediately due.