secwatch.observer — SEC 8-K summary
======================================

Issuer:     Purebase Corp (PUBC)
CIK:        0001575858
Form:       8-K/A
Filed at:   2022-06-21T23:59:59+00:00
Accession:  0001493152-22-017406
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Purebase restructures mining rights deal: $50M note rescinded, replaced with option for 116M shares at $0.38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

- Convertible promissory note of $50M retroactively rescinded ab initio as of Oct 6, 2021.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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1575858/000149315222017406/0001493152-22-017406-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1575858/000149315222017406/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-017406

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer