Propanc Biopharma, Inc. announced that it has entered into a securities purchase agreement to issue a convertible promissory note at a price of $46,875 for the gross proceeds of $46,875 in the aggregate principal amount of $50,000 on March 1, 2024. The transaction included participation from new investor 104 LLC. 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 following the issuance date of the note at a price per share equal to 65% of the lowest closing trade price of the common stock during the ten trading days prior to conversion.

The maturity date of the note is March 1, 2024 and the note bears interest at a rate of eight percent 8% per annum, which may be increased to sixteen percent 16% in the event of a default. During the first 60 days following the date of the note, the company has the right to prepay the principal and accrued but unpaid interest due under the note, at 110% premium of the face amount plus accrued and unpaid interest, which increases to 115% if prepaid after 60 days, but less than 91 days from the issuance date, 120% if prepaid after 90 days, but less than 121 days from the issuance date, 125% if prepaid after 120 days, but less than 181 days from the issuance date. After this initial 180-day period, the company does not have a right to prepay the note.