Propanc Biopharma, Inc. announced that it has entered into and closed a securities purchase agreement with returning investor GS Capital Partners LLC to issue 8% Convertible promissory note at an issue price of $25,000 for the gross proceeds of $25,000 on April 16, 2024. The principal amount is $27,500. The Investor is entitled, at its option, at any time after cash payment, to convert any or all or any amount of the principal face amount of the Note then outstanding into shares of the Company?s common stock at a price for each share of Common Stock at a price of $0.0017 per share.

The maturity date of the Note is October 12, 2024 and the Note bears interest at a rate of 8% per annum, which may be increased to 24% 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, 110% premium of the face amount plus accrued and unpaid interest, which increases to 120% if prepaid after 60 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.

The applicable information disclosed in Item 1.01 of this Form 8-K regarding the issuance of the Note is incorporated herein by reference. 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.