Propanc Biopharma Raises Funds Through Convertible Promissory Notes

Propanc Biopharma, Inc. recently disclosed in an 8-K filing that it has entered into securities purchase agreements for the issuance of convertible promissory notes to raise capital for general working capital purposes.

The company closed a securities purchase agreement with an investor on December 16, 2024, to issue a convertible promissory note worth $22,000, for a purchase price of $20,000. This note is convertible into common stock of the company at a price of $0.0003 per share, subject to certain terms and conditions. The maturity date of this note is set for June 15, 2025, with an interest rate of 8% per annum.

Additionally, on December 20, 2024, Propanc Biopharma finalized another securities purchase agreement with an investor to issue a convertible promissory note valued at $49,200, for a purchase price of $41,000. This note carries a one-time interest charge of 15%, with repayments scheduled over multiple dates until October 15, 2025. The investor has the option to convert the principal face amount of the note into common stock at a discounted price of 65% based on the lowest trading price prior to the conversion date.

Both notes contain provisions for events of default, such as failure to pay principal and interest, non-compliance with reporting requirements, or breaches of covenants. In case of default, the notes become immediately due and payable by the company.

The full details of the agreements have been filed as exhibits to the 8-K report. These financial transactions have been conducted under private placement exemptions from registration requirements. Investors and stakeholders are advised to refer to the complete texts of the agreements for a comprehensive understanding of the terms involved.

Propanc Biopharma aims to utilize the funds acquired through these agreements to bolster its working capital reserves and support its operational endeavors. These financial decisions are pivotal for the company’s strategic financial planning and ongoing business initiatives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Propanc Biopharma’s 8K filing here.

Propanc Biopharma Company Profile

Propanc Biopharma, Inc, a biopharmaceutical company, develops cancer treatments for patients with pancreatic, ovarian, and colorectal cancer in Australia. It offers PRP, a formulation lead product that is in preclinical phase of development designed to enhance the anti-cancer effects of multiple enzymes.