Learning Tree International, Inc. (OTCPK:LTRE) announced that it has entered into a line of credit agreement with the Kevin Ross Gruneich Legacy Trust for a private placement of convertible promissory notes for gross proceeds of up to $5,000,000 on June 29, 2018. The notes will carry fixed rate of interest of 5% per annum. The notes will be convertible into common shares of the company at any time during the 10-year term of the agreement at a conversion price of $1 per share. The notes carries unsecured and redeemable feature. The notes will be issued at its par value. On the same date, the company announced that it has received $2,000,000 in its first tranche closing.