Soul and Vibe Interactive Inc. (OTCBB:SOUL) announced that it has entered into a securities purchase agreement to issue a 8% redeemable convertible promissory note to LG Capital Funding, LLC for gross proceeds of $52,500 on March 16, 2015. The note bears 8% fixed rate of interest. The notes will mature on March 16, 2016.

The notes will be convertible to shares of our common stock at a conversion price per share equal to 60% of the lowest trade price in the 15 trading days previous to the conversion. There is no minimum conversion price. The company has a right to repay notes any time during the first 180 days of the term note at a rate of 115% of the unpaid principal amount during the first 30 days, 121% of the unpaid principal amount between days 31 and 60, 127% of the unpaid principal amount between days 61 and 90, 133% of the unpaid principal amount between days 91 and 120, 139% of the unpaid principal amount between days 121 and 150, 140% of the unpaid principal amount between days 151 and 180.

The securities were issued pursuant to exemption provided under Regulation D. The company incurred $2,500 as legal fees expense for the investor.