PROPANC HEALTH GROUP CORPORATION (OTCMKTS:PPCH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
On March 17, 2017, Propanc Health Group Corporation (the Company)
entered into a letter agreement (the Letter Agreement) dated as
of March 10, 2017 with Delafield Investments Limited (the
Purchaser) to which the Company and the Purchaser have agreed to
revise certain terms of a 5% original issue discount senior
secured convertible debenture due October 28, 2016 in the
principal amount of $4,400,000, the maturity date of which was
later extended to February 28, 2017 (the Debenture).
to the Letter Agreement, the Company and the Purchaser have
agreed to extend the maturity date of the Debenture to September
30, 2017. In addition, from the period beginning on February 28,
2017 through and including September 30, 2017, the Company shall
pay interest to the Purchaser on the aggregate unconverted and
then outstanding principal amount of the Debenture to its terms.
Further, the Purchaser expressly agreed to waive compliance by
the Company with Section 8 of the Debenture, which required
payment by the Company of the outstanding amounts of principal
and interest due under the Debenture on February 28, 2017. This
waiver is not deemed to constitute an agreement by the Purchaser
to waive any other event of default under the Debenture that may
exist as of the date the Letter Agreement was entered into.
Except as set forth in the Letter Agreement, all of the terms and
conditions of the Debenture remain unchanged and in full force
and effect.
The foregoing description of the Letter Agreement is qualified in
its entirety by reference to the provisions of the Letter
Agreement, included as Exhibit 10.1 to this Current Report on
Form 8-K, which is incorporated herein by reference.
| Item 2.03 |
Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The disclosure under Item 1.01 of this Current Report on Form 8-K
is incorporated into this Item 2.03 by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d)Exhibits
| Exhibit No. | Description | |
| 10.1 |
Letter Agreement dated as of March 10, 2017 between Propanc Health Group Corporation and Delafield Investments Limited |
About PROPANC HEALTH GROUP CORPORATION (OTCMKTS:PPCH)
Propanc Health Group Corporation is an early-stage healthcare company that is focused on developing new cancer treatments for patients suffering from pancreatic, ovarian and colorectal cancer. The Company has developed a composite formulation of anti-cancer compounds, which together exert a range of effects designed to control or prevent tumors from recurring and spreading through the body. The Company’s solution is to develop and commercialize a long-term therapy to prevent tumor recurrence and metastases. The Company is developing pro-enzyme therapy for the treatment and prevention of the development of carcinomas from solid tumors. The Company’s products include PRP and PRP-DCM. The Company’s PRP is a formulation consisting of two pro-enzymes: trypsinogen and chymotrypsinogen, plus the enzyme amylase (1, 4-alpha-D-glucan glucanohydrolase). The pro-enzymes in PRP, typsinogen and chymotrypsinogen, exhibit specificity for tumor cells and not normal cells. PROPANC HEALTH GROUP CORPORATION (OTCMKTS:PPCH) Recent Trading Information
PROPANC HEALTH GROUP CORPORATION (OTCMKTS:PPCH) closed its last trading session down -0.0001 at 0.0104 with 1,455,163 shares trading hands.