Gasfields Limited (ASX: GFS) announced that it has entered into an agreement for private placement of convertible notes for gross proceeds of AUD of 500,000 on October 2, 2019. The notes are convertible into ordinary shares at any time during that period at a conversion price equal to the higher of AUD 0.001 and the price at which the company issues any ordinary shares prior to the time of conversion. The Notes are repayable in 90 days unless converted earlier by the investors. The Investors will each be entitled to a facility fee equal to 2% of the amount invested.