Leaf Resources Limited (ASX:LER) announced that it has entered into a note subscription agreement for a private placement of 2,500 unsecured promissory notes at a price of AUD 100 per note for the gross proceeds of AUD 250,000 on March 29, 2019. The notes have a term of three years, with a simple interest rate of 14% per annum payable at the end of the term. The notes are convertible into equity shares of the company and notes also carry the feature of redemption. The transaction will include participation from Kenneth Richards and Douglas John Rathbone, directors of the company for 1,250 notes each. The transaction is expected to close on April 2, 2019.