Rich Pharmaceuticals, Inc. (OTCBB:RCHA) announced that it has entered into securities purchase agreement with existing investor LG Capital Funding LLC for a private placement of two 8% convertible redeemable notes due June 23, 2017 at a price of $56,000 per note for gross proceeds of $112,000 on June 23, 2016. The notes carry a fixed coupon of 8% per annum and due and payable on June 23, 2017. The company will issue securities pursuant to exemption provided under Regulation D. The notes may be transferred. The first note is convertible at any time after 180 days of the date of issuance into shares of company common stock at a conversion price equal to 50% of the market price calculated at the time of conversion. The second note was initially paid for by the issuance of an offsetting $56,000 secured note issued to the company by LG Capital Funding LLC, provided that prior to conversion of the second note, the investor must have paid off the note in cash such that the second note may not be converted until it has been paid for in cash. The company will reimburse investor’s legal expenses which shall be $5,000.