Applied Biosciences Corp. (OTCPK:APPB) announced that it has entered into a securities purchase agreement for a private placement of a 12% senior convertible promissory note for gross proceeds of $500,000 with an accredited investor, FirstFire Global Opportunities Fund LLC, a fund managed by FirstFire Capital Management LLC on September 4, 2019. The note carries a fixed coupon of 12% per annum. The note is issuable at par. The maturity date of each tranche will be 12 months from the date of issuance and will become due on September 12, 2020. The note is convertible into common shares of the company at a lower conversion price of $1 per share or 70% multiplied by the average of the three lowest closing prices during 15 consecutive trading days. The note is redeemable at a rate of 110% if prepaid within initial 60 days, 115% if prepaid between 61st and 90th day, 120% if prepaid between 91st and 120th day, 125% if prepaid between 121st and 180th day.