VIASPACE Inc. (OTCPK:VSPC) announced that it has entered into loan agreement for a private placement of a senior convertible promissory note with Kevin Schewe, a director of the company, for gross proceeds of up to $5,500 on July 11, 2019. The note carries a fixed interest rate of 8% per annum. The note is convertible into common shares of the company at a price equal to 20% of the average closing price for the 20 trading days prior to the issuance of the loan. Each note matures on the first anniversary of the issuance date of such note and it would be on July 11, 2020. The company will issue 14,784,946 shares upon conversion of notes.