Gridiron BioNutrients, Inc. (OTCPK:GMVP) announced a private placement of 10% convertible redeemable senior secured note due July 27, 2020 for gross proceeds of $499,500 on January 27, 2020. The note is issued at a original issue discount of 10%. The note carries an interest rate of 10% per annum and will mature on July 27, 2020. The note is convertible into common shares of the company at a price equal to the lower of $0.05 a share or a 35% discount to the lowest closing price of the company's common stock for the 10 prior trading days including the day upon which a notice of conversion is received by the company. The prepayment amount will be equal to 115% of the sum of outstanding principal and interest after February 28, 2020 and upon receipt of default notice, the prepayment will be equal to 140%.