Nexien BioPharma, Inc. announced that it has entered into a securities purchase agreement with Quick Capital, LLC for private placement of twelve-month convertible promissory note in the principal amount of $170,454, issued at 12% discount for gross proceeds of $150,000 on January 18, 2022. The company also issued 500,000 restricted shares and a three-year warrant to purchase up to an aggregate of 347,512 restricted shares, at an exercise price of $0.075 per share. The note is convertible into common shares of the company at a conversion price of $0.035.

The note will mature on January 18, 2023. In connection with this transaction the company issued one-year warrant to purchase 2,250,000 restricted shares as consultation fee in the transaction.