Bionik Laboratories Corp. announced a private placement of convertible promissory notes of up to $2,000,000 on June 13, 2023. 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 June 1, 2024. The note will be convertible into equity of the company upon events, i) on the Maturity Date without any action on the part of the investor, 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 $0.60 per share; ii) upon the consummation of the next equity or equity linked round of financing of the company for cash proceeds, without any action on the part of the investor, 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 lesser of (a) the issue price per share in the financing and (b) $0.60 per share.

On the same date, the company announced that it has issued notes for $220,000 in its first tranche. The transaction included participation from Andre-Jacques Auberton-Herve, an affiliate of the company's Chairman, pursuant to a subscription agreement.