Propanc Biopharma, Inc. announced that it has entered into a securities purchase agreement to issue a convertible redeemable promissory note for a principal amount of $61,000 for the gross proceeds of $57,500 on October 12, 2023. The principal and interest on the note is convertible into shares of common stock of the company at a conversion price of $0.015 per share, provided that the fixed price will be reduced to $0.0075 per share. The note bears interest at a rate of 8% per annum, which may be increased to 24% in the event of a default.

The transaction will include participation from returning investor, GS Capital Partners LLC.