Propanc Biopharma, Inc. announced that has entered into securities purchase agreement with existing investor Sixth Street Lending, LLC to issue a convertible promissory note on best efforts basis for gross proceeds of $63,750 on January 4, 2022. The notes bear an interest rate of 8% per annum and will mature on October 21, 2022. The notes are convertible into common shares at the option of the company.

The note may be pre-paid until 180 days from the issuance date. The prepayment amount will be equal to 110% of the principal amount if paid under 60 days from the date of issuance, 115% if paid between 61 to 90 days, 120% if paid between 91 to 120 days, 125% if paid between 121 to 150 days, 129% if paid between 151 to 180 days. After 180 days, the company have no right of prepayment.

The company has issued notes pursuant to exemption provided under Regulation D. The transaction is expected to close on or about January 5, 2022.