SouthCorp Capital, Inc. (OTCPK:STHC) announced that it has entered into securities purchase agreement for a private placement of convertible promissory note with new investor KBM Worldwide, Inc. for gross proceeds of $42,500 on September 22, 2014. The note will bear a coupon of 8% per annum. The note is convertible into shares of the company at a variable conversion price which means 51% multiplied by the market price.

Market price means the average of the lowest three trading prices for common shares of the company during the 30 trading day period ending on the latest complete trading day prior to the conversion date.