Soul and Vibe Interactive Inc. (OTCBB:SOUL) announced it has entered in to a security purchase agreement to issue a convertible note for gross proceeds of $45,000 on June 2, 2015. The transaction included participation from new accredited investor, GW Holdings Group, LLC. The note bears an interest rate of 8% per year, computed on the basis of a 365-day year and will be issued at par value.

The maturity date is one year from the date of closing of the transaction. The note is convertible into common shares of the company at a variable conversion price equal to equal 60% of the average of the three lowest closing prices occurring during the 25 consecutive trading days before the conversion date. The company will issue the securities pursuant to exemption provided under Regulation D. The company may prepay the note at any time within 90 days from issuance by paying 140% of the remaining outstanding balance in cash on the next day following the 5 business days notice period.

The company paid $2,000 as legal fees and $3,000 to Brighton Capital, Ltd.