Axim Biotech enters up to $750K convertible note deal with affiliate Medical Marijuana Inc

AXIM BIOTECHNOLOGIES, INC.

Initial $100,000 note issued Dec 26, 2023; MJNA can purchase up to $750,000 total by June 26, 2025.
Notes bear 5.25% interest, mature Dec 26, 2033; interest payable annually starting Dec 26, 2024.
Conversion price is lesser of $0.01 or 70% of avg two lowest closing prices in prior 10 trading days.
Conversion capped at 4.9% beneficial ownership; notes sold unregistered under Regulation D.
Proceeds for working capital, product development, and clinical trials.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AXIM BIOTECHNOLOGIES, INC. entered into Convertible Note Purchase Agreement with Medical Marijuana, Inc valued at $750,000 (effective 2023-12-26).

Action: entry
Agreement: notes offering
Counterparty: Medical Marijuana, Inc
Value: $750,000
Effective: 2023-12-26

Exact text from the filing

Effective December 26, 2023, AXIM Biotechnologies, Inc. (the “Company”) entered into a Convertible Note Purchase Agreement (the "Agreement") with Medical Marijuana, Inc (“MJNA”), currently an affiliate of the Company and one of its largest shareholders, for the purchase of up to $750,000 face value in convertible notes.

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AXIM BIOTECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001096906-23-002456

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