Soul and Vibe sells $53,500 of 8% convertibles via private placement

Deal sells one-year discounted notes with $3,500 discount for $50,000

By Devika Patel

Knoxville, Tenn., April 28 – Soul and Vibe Interactive Inc. sold a $53,500 of convertible notes for $50,000 in a private placement on April 21, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The note has an original issue discount of $3,500.

The 8% one-year note is convertible into common shares at a price equal to 60% of the average of the three lowest trading prices of the stock during the 25 trading days preceding the conversion date. The note may be prepaid at 110 in the first 90 days and at 120 after 90 days.

The video and computer games company is based in St. Louis Park, Minn.

Issuer:	Soul and Vibe Interactive Inc.
Issue:	Convertible note
Amount:	$53,500
Maturity:	One year
Price:	$50,000, original issue discount of $3,500
Coupon:	8%
Conversion price:	60% of the average of the three lowest trading prices of the stock during the 25 trading days preceding the conversion date
Call:	At 110, 120
Warrants:	No
Settlement date:	April 21
Stock symbol:	OTCBB: SOUL
Stock price:	$0.01 at close April 20
Market capitalization:	$650,750

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