Bionik Laboratories Corp.: debt financing — Bionik explores 'going dark', cost-cutting; launches up to $2M debt offering

Bionik Laboratories Corp.

Private offering of convertible notes up to $2M; initial $220k from Chairman affiliate Andre-Jacques Auberton-Herve.
Directors convert $108,333 each in accrued fees into promissory notes with 1% monthly interest.
Exploring cost-cutting including possible 'going dark' by suspending SEC filings, reducing board, headcount, and facility space.
Outstanding notes converted into 4,083,544 shares; 3.1M shares to director affiliate.
Company considers sale or restructuring; net proceeds from offering for working capital.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bionik Laboratories Corp. incurred convertible notes of $108,333 of accrued director fees due and owing to each of them with Audrey Frederique Thevenon, and on June 16, 2023, Joseph Martin, each a director of the Company at 1% per month maturing the earlier of (a) the 10-year anniversary of the issue date, (b) such date that the Company generates at least $10 million in annual revenues and (c) the consu.

Instrument: convertible notes
Principal: $108,333 of accrued director fees due and owing to each of them
Counterparty: Audrey Frederique Thevenon, and on June 16, 2023, Joseph Martin, each a director of the Company
Rate: 1% per month
Maturity: the earlier of (a) the 10-year anniversary of the issue date, (b) such date that the Company generates at least $10 million in annual revenues and (c) the consu
Event: incurrence

Exact text from the filing

On June 14, 2023, Audrey Frederique Thevenon, and on June 16, 2023, Joseph Martin, each a director of the Company, agreed to convert $108,333 of accrued director fees due and owing to each of them (the “Accrued Director Fees”), into a promissory note (each, “Director Note”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bionik Laboratories Corp. incurred convertible notes of up to $2,000,000, with an initial subscription of $220,000 with an affiliate of the Company’s Chairman, Andre-Jacques Auberton-Herve at 1% per month maturing June 1, 2024.

Instrument: convertible notes
Principal: up to $2,000,000, with an initial subscription of $220,000
Counterparty: an affiliate of the Company’s Chairman, Andre-Jacques Auberton-Herve
Rate: 1% per month
Maturity: June 1, 2024
Event: incurrence

Exact text from the filing

On June 13, 2023, Bionik Laboratories Corp. (the “Company”) launched a new private offering (the “Private Offering”) of its convertible promissory notes (the “Notes”) of up to $2,000,000, with an initial subscription of $220,000 from an affiliate of the Company’s Chairman, Andre-Jacques Auberton-Herve (the “Holder”).

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Source: SEC EDGAR

accession 0001104659-23-072286

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