Bionik Laboratories Corp. announced that it will receive $250,000 a loan from Gd Holding, an affiliate of Remi Gaston-Dreyfus on September 2, 2022. The loan is evidenced by a secured convertible promissory note and is further subject to a related collateral pledge agreement.

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, i) 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 ii) upon the consummation of the next equity or equity linked round of financing of the company.