Rich Pharmaceuticals, Inc. (OTCPK:RCHA) announced that it has entered into securities purchase agreement for private placement of convertible promissory note for gross proceeds of $51,500 on March 15, 2018. The transaction involved participation from existing investor GHS Investments, LLC. The note carries a coupon of 10% per annum and would mature in nine months. The note is issued at an original issue discount of 10%, for gross proceeds of $56,500 and with an initial $1,500 being withheld by the company to offset transaction costs. The note will be convertible into common shares of the company valued at a 40% discount off of the lowest intra-day trading price for the company’s common stock during the 10 trading days immediately preceding a conversion date. The company will issue securities pursuant to exemption under Regulation D.