Propanc Biopharma, Inc. announced that it has entered into a securities purchase agreement with an investor to issue a convertible promissory note in the aggregate principal amount of $40,000 on October 20, 2023. The principal and the interest of note thereon convertible into shares of common stock of the company, par value $0.001 per share, at the option of investor at any time after 180 days of the issuance date of the note. The transaction is expected to close on or about October 27, 2023.

The conversion price for the note is equal to 65% of the market price of the common stock, which is based on the average of the lowest three trading prices of the common stock for the ten trading days immediately prior to the delivery of a notice of conversion of the note. The maturity date of the note is October 20, 2024, and bears interest at a rate of 8% per annum, which may be increased to 22% in the event of a default. The minimum investment accepted from any outside investor is $40,000.

The transaction will include participation from 1 investor.