Published on 3/20/2015 in the Prospect News PIPE Daily.
Soul and Vibe wraps $346,750 private placement of convertible notes
Deal sells convertibles to LG Capital Funding, Black Mountain Equities
By Devika Patel
Knoxville, Tenn., March 20 – Soul and Vibe Interactive Inc. settled a $52,500 private placement of convertible promissory notes with LG Capital Funding, LLC on March 16, according to an 8-K filed Friday with the Securities and Exchange Commission. It also sold $294,250 of convertible notes to Black Mountain Equities, Inc. for $267,500 on March 17 at an original issue discount of $26,750.
The 8% LG note is convertible into common shares at 60% of the lowest trade price of the stock for the 15 trading days preceding the conversion. The note matures March 16, 2016 and may be repaid at prices ranging from 115 to 140 during the first 180 days.
The 10% Black Mountain note matures in two years. It is convertible into common shares at 60% of the average of the three lowest closing prices of the stock during the 25 trading days preceding the conversion.
The video and computer games company is based in St. Louis Park, Minn.
| Issuer: | Soul and Vibe Interactive Inc.
|
| Issue: | Convertible promissory notes, convertible notes
|
| Amount: | $346,750
|
| Warrants: | No
|
| Stock symbol: | OTCBB: SOUL
|
| Market capitalization: | $919,556
|
|
|
| LG note
|
| Amount: | $52,500
|
| Maturity: | March 16, 2016
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest trade price of the stock for the 15 trading days preceding the conversion
|
| Call: | At 115 to 140 during first 180 days
|
| Investor: | LG Capital Funding, LLC
|
| Settlement date: | March 16
|
| Stock price: | $0.04 at close March 13
|
|
|
| Black Mountain note
|
| Amount: | $294,250
|
| Price: | $267,500 (original issue discount of $26,750)
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | 60% of the average of the three lowest closing prices of the stock during the 25 trading days preceding the conversion
|
| Investor: | Black Mountain Equities, Inc.
|
| Settlement date: | March 17
|
| Stock price: | $0.04 at close March 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
