Purebase restructures mining rights deal: $50M note rescinded, replaced with option for 116M shares at $0.38

Purebase Corp

Convertible promissory note of $50M retroactively rescinded ab initio as of Oct 6, 2021.
Replacement consideration: US Mine granted option to purchase 116M shares at $0.38 per share.
Option vests in tranches: 58M shares on Apr 6, 2022; 29M on Oct 6, 2022; 29M on Apr 6, 2023; expires Apr 6, 2028.
CEO Scott Dockter and director John Bremer are manager-members of US Mine; disinterested directors approved.
Amended and Restated Amendment filed June 17, 2022 to correct Section 3 of the prior amendment.

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