VIASPACE Inc. (OTCPK:VSPC) announced that it has entered into loan agreement for a private placement of senior convertible promissory notes with Haris Basit, director and Chief Executive Officer of the company, for gross proceeds of up to $100,000 on November 30, 2016. The note carries a fixed interest rate of 8% per annum. The note is secured by all assets of the company. 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 would mature on the second anniversary of the issuance date of such note. The transaction is expected to be completed on November 30, 2018. On same date, the company received $25,000 in funding. The $25,000 note would convert into 66,312,997 common shares at a price of $0.000377 per share. Each note matures on the first anniversary of the issuance date of such note and it would be on November 30, 2017.