Propanc Biopharma, Inc. announced that it has entered into securities purchase agreement with an investor pursuant to which the Investor agreed to purchase a convertible promissory note at an issue price of $45,000 for the gross proceeds of $45,000 on December 4, 2023. The principal and interest on the Note is convertible into shares of common stock of the Company, par value $0.001 per share, at the option of Investor at any time during the period beginning on the date which is 180 days following the date of the Note at a 35% to the average of the lowest 3 traded prices of the Common Stock during the 10 trading days prior to conversion. Notwithstanding the foregoing, such conversions are subject to a 4.99% beneficial ownership limitation and adjustments for mergers, consolidations, reorganizations and similar events set forth in the Note, other than a transfer or sale of all or substantially all Company assets.

Pursuant to the Note, the Company is required to maintain an initial reserve of at least 500% of the number of Conversion Shares, subject to any increase of such reserved amount to reflect the Company?s obligations under the Note. The maturity date of the Note is September 15, 2024 and the Note bears interest at a rate of eight percent (8%) per annum, which may be increased to 22% in the event of a default. The Note was issued pursuant to the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act and/or by Rule 506 of Regulation D promulgated thereunder.