BIONIK LABORATORIES CORP. (OTCMKTS:BNKL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement
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incorporated herein by reference.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant |
borrowed an aggregate of $500,000 (the Loan) from existing
lenders of the Registrant (the Lenders), which Lenders have
previously loaned to the Registrant an aggregate principal amount
of $1,500,000 between December 2016 and February 2017 evidenced
by existing convertible promissory notes of the Registrant (the
Prior Notes). The Loan will be evidenced by a convertible
promissory note or notes in favor of the Lenders (collectively,
the Note).
the Registrants working capital and general corporate purposes.
at the earlier of November 15, 2017 and the consummation of a
qualified financing, as defined in the Note.
interest rate has been increased to 12% per annum from 6% per
annum as of April 1, 2017, and the maturity date of the Prior
Notes has been extended to November 15, 2017, subject to the
earlier consummation of a qualified financing, as defined in the
Prior Notes.
money from any third party on terms more favorable to the
Registrant than the terms of the Prior Notes or the Note, the
Prior Notes and the Note shall be deemed to have those terms.
following events:
principal of the Note and the Prior Notes, upon an equity or
equity-linked round of financing of the Registrant that
raises gross proceeds of $5,000,000 or more (less the
principal amount of the Note and the Prior Notes), the
outstanding principal, accrued interest and a 10% premium,
shall be payable in cash or converted into such equity upon
the price thereof in the qualified financing.
Registrant that raises gross proceeds of $3,500,000 or more
and less than $5,000,000 (less the principal amount of the
Note and the Prior Notes), the outstanding principal, accrued
interest and a 10% premium, shall be converted into such
equity upon the price thereof in the qualified financing.
principal of the Note and the Prior Notes, upon a change of
control event.
on all of the Registrants assets in the event the Registrant does
not consummate an equity or equity-linked round of financing that
raises gross proceeds of $3,500,000 or more (less the principal
amount of the Note and the Prior Notes) by November 15, 2017.
entitle each Lender to accelerate the due date of the unpaid
principal amount of, and all accrued and unpaid interest on, the
Note.
exercisable for three years to purchase a number of shares of
common stock of the Registrant equal to 15% of the aggregate
principal amount of the Loan and the Prior Notes, at an exercise
price per share equal to the price per common share at the
Registrants next equity or equity-linked financing.
under the Securities Act. The Registrant relied upon the
exemption from securities registration provided by Section
4(a)(2) under the Securities Act of 1933, as amended, for
transactions not involving a public offering.
About BIONIK LABORATORIES CORP. (OTCMKTS:BNKL)
Bionik Laboratories Corp. (Bionik), formerly Drywave Technologies, Inc., is a medical device and robotics company. The Company is focused on providing rehabilitation solutions and developing transformational technologies and solutions to individuals with neurological disorders, specializing in the designing, developing and commercializing of physical rehabilitation technologies, prosthetics and assisted robotic products. It has over three products on the market and approximately three products in various stages of development. The InMotion Systems include the InMotion ARM, InMotion HAND, InMotion Wrist and InMotion ANKLE are designed to provide patent-adaptive therapy in a manner that has been clinically verified to manage neuro-recovery. The Company is also engaged in developing a lower-body exoskeleton, ARKE, which designs to allow paraplegics, as well as other wheelchair users the ability to rehabilitate through walking. BIONIK LABORATORIES CORP. (OTCMKTS:BNKL) Recent Trading Information
BIONIK LABORATORIES CORP. (OTCMKTS:BNKL) closed its last trading session 00.000 at 0.410 with 2,000 shares trading hands.