Bionik Laboratories Corp. (OTCMKTS:BNKL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
The information set forth in Item 2.03 is incorporated by reference into this Item 1.01.
On July 6, 2020, an investor (the “Lender”) subscribed for a convertible promissory note (the “Note”) and loaned to Bionik Laboratories Corp. (the “Company”) $199,994 (the “Loan”), to the Company’s convertible note offering for up to $7,000,000 (formerly $3,000,000 or up to $7,000,000 if oversubscribed) gross proceeds (the “Offering”).
The Company intends to use the net proceeds from the Loan for the Company’s working capital and general corporate purposes.
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 March 31, 2021 (the “Maturity Date”).
The Note will be convertible into equity of the Company upon the following events on the following terms:
| 10.1 | Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2020) |
| 10.2 | Form of Promissory Note (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2020) |
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.