Soul and Vibe Interactive Inc. (OTCBB:SOUL) announced a private placement of convertible note with an accredited investor for gross proceeds of up to $50,000 on February 3, 2015. The company had planned to receive gross proceeds of up to $360,000 under this note which has a principal value of $400,000. The note will be issued at 10% discount having a principal value of up to $50,000.

The note will have no interest rate for a period of three months beyond that one time if the note is not repaid default one time 12% interest charge will be levied. The note will mature in two years. The note will be convertible into common shares at a variable conversion price of principal sum and any accrued but unpaid interest divided by the lesser of $0.03 or 60% of the lowest trade price in the 25 trading days previous to the conversion.

The company issued securities pursuant to exemption provided under Regulation D.