SUBSEQUENT EVENTS |
6 Months Ended | |
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Dec. 31, 2016 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
NOTE 11 – SUBSEQUENT EVENTS
On January 30, 2017, Propanc Health Group Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Eagle SPA”) dated as of January 27, 2017, with Eagle Equities, LLC (“Eagle Equities”), pursuant to which Eagle Equities purchased two 8% convertible redeemable junior subordinated promissory notes, each in the principal amount of $230,000. The first note (the “First Note”) was funded with cash and the second note (the “Eagle Back-End Note”) was initially paid for by an offsetting promissory note issued by Eagle Equities to the Company (the “Note Receivable”). The terms of the Eagle Back-End Note require cash funding prior to any conversion thereunder. The Note Receivable is due September 27, 2017, unless certain conditions are not met, in which case both the Eagle Back-End Note and the Note Receivable may both be cancelled. Both the First Note and the Eagle Back-End Note have a maturity date one year from the date of issuance upon which any outstanding principal and interest is due and payable. The amounts cash funded plus accrued interest under both the First Note and the Eagle Back-End Note are convertible into common stock, par value $0.001 (the “Common Stock”), of the Company at a conversion price equal to 60% of the lowest closing bid price of the Common Stock for the ten trading days prior to the conversion, subject to adjustment in certain events. The First Note may be prepaid with certain penalties within 180 days of issuance. The Eagle Back-End Note may not be prepaid. However, in the event the First Note is redeemed within the first six months of issuance, the Eagle Back-End Note will be deemed cancelled and of no further effect. The Eagle Back-End Note will not be cash funded and such note, along with the Note Receivable, will be immediately cancelled if the shares do not maintain a minimum trading price during the five days prior to such funding and a certain aggregate dollar trading volume during such period. Upon an event of default, principal and accrued interest will become immediately due and payable under the notes. Additionally, upon an event of default, both notes will accrue interest at a default interest rate of 24% per annum or the highest rate of interest permitted by law. Further, certain events of default may trigger penalty and liquidated damage provisions. Conversions
On January 10, 2017, pursuant to a conversion notice, $16,500 of principal and $1,645 of interest was converted at $0.004675 into 3,881,386 shares of common stock. On January 11, 2017, pursuant to a conversion notice, $136,400 of principal was converted at $0.006278 into 21,726,665 shares of common stock. On January 19, 2017, pursuant to a conversion notice, $36,500 of principal and $3,712 of interest was converted at $0.004675 into 8,601,497 shares of common stock. On January 20, 2017, pursuant to a conversion notice, $31,500 of principal was converted at $0.006278 into 5,017,522 shares of common stock. On January 25, 2017, pursuant to a conversion notice, $55,000 of principal was converted at $0.006898 into 7,973,326 shares of common stock. |