Rich Pharmaceuticals, Inc. (OTCBB:RCHA) announced that it has entered into security purchase agreement with existing investor LG Capital Funding LLC for private placement of a 8% convertible redeemable note due October 20, 2016 for gross proceeds of $32,000 on October 20, 2016. The note issued at par value. The note carries a fixed coupon of 8% per annum and would mature on October 20, 2017. The note is convertible into common stock of the company at a conversion price equal to 50% of the lowest trading price during the 20-day period prior to conversion. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is expected to close on or about November 20, 2016.