Bionik Laboratories Corp. announced that it has issued $500,000 a loan Gd Holding from an affiliate of Remi Gaston-Dreyfus, a director of the Company on February 16, 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 the two year anniversary of the issue date i.e. February 14, 2025.

The Note will be convertible into equity of the Company upon the following events on the following terms on the Maturity Date without any action on the part of the Holder, 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 and upon the consummation of the next equity or equity linked round of financing of the Company for cash proceeds (the “Qualified Financing”), without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the Note will be converted into the securities issued by the Company in one or more tranches in the context of the Qualified Financing, based upon the issuance price of such securities. The security issued in the transaction is provided by Section 4(a)(2) of the Securities Act of 1933, as amended and exempt from registration under Rule 506(b) of Regulation D.