Soul and Vibe Interactive Inc. (OTCBB:SOUL) announced a private placement of convertible note with new accredited investor, Black Mountain Equities, Inc. for gross proceeds of $267,500 on March 17, 2015. The note has an original principal amount of $294,250 and will be issued at an original issue discount of $26,750. The note bears a one-time fixed interest rate of 10% and will mature after two years from issuance. The company may prepay the note at any time within 90 days from issuance by paying 100% of the remaining outstanding balance in cash on the next day following the 10 business day notice period. 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.

On the same day, Soul and Vibe Interactive, Inc. closed the transaction. The company received $53,500.