Deal sells 10% convertibles due June 23, 2015 to fund working capital
By Devika Patel
Knoxville, Tenn., Sept. 29 – Soul and Vibe Interactive Inc. settled a $210,667 private placement of convertible debentures on Sept. 23, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% debenture is convertible into common shares at $0.04 per share. The conversion price is identical to the Sept. 22 closing share price. The note matures on June 23, 2015 and may be redeemed.
Proceeds will be used for working capital purposes.
The video and computer games company is based in St. Louis Park, Minn.
| Issuer: | Soul and Vibe Interactive Inc.
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| Issue: | Convertible debenture
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| Amount: | $210,667
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| Maturity: | June 23, 2015
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| Coupon: | 10%
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| Conversion price: | $0.04
|
| Call: | At 120
|
| Warrants: | No
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| Settlement date: | Sept. 23
|
| Stock symbol: | OTCBB: SOUL
|
| Stock price: | $0.04 at close Sept. 22
|
| Market capitalization: | $789,370
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