Soul and Vibe Interactive Inc. (OTCPK:SOUL) announced a private placement of a convertible promissory note for principal gross proceeds of $20,000 on July 29, 2016. The transaction will include participation from existing accredited investor, GW Holdings Group, LLC. The note bears an interest rate of 8% per year. The maturity date is July 29, 2017. The note is convertible into shares of the company’s common stock at any time at the discretion of the consultant at an initial conversion price per share of $0.002, subject to adjustment for stock splits, reverse stock splits, stock dividends and other similar transactions and subject to the terms of the note. The full balance of the note is outstanding as of the date of this filing and can be redeemed by the company at a 25% premium within 90 days of issuance and at a 40% premium 90 days after issuance. The note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by the holder surrendering the note.