Purebase enters $1M line of credit with affiliate; 8% note convertible at $0.10

Purebase Corp

Line of credit up to $1,000,000 from U.S. Mine Corp. (affiliate); unsecured convertible grid note at 8% interest matures July 10, 2024.
At maturity, lender may convert outstanding principal and accrued interest into common shares at $0.10 per share; prepayment without penalty allowed.
Proceeds used for working capital and general corporate purposes.
Related-party: CEO A. Scott Dockter and director John Bremer are also officers/directors/shareholders of USMC.
Default interest rate of 13% per annum on overdue amounts; note unsecured.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Purebase Corp entered into Line of Credit Agreement with U.S. Mine Corp. valued at $1,000,000 (effective 2023-07-10).

Action: entry
Agreement: credit facility
Counterparty: U.S. Mine Corp.
Value: $1,000,000
Effective: 2023-07-10

Exact text from the filing

On July 10, 2023 (the “Effective Date”), Purebase Corporation, a Nevada corporation (the “Company”), entered into a line of credit agreement (the “Line of Credit Agreement”) with U.S. Mine Corp., a Nevada corporation and affiliate of the Company (“USMC”), pursuant to which USMC will make a line of credit available to the Company, in the maximum principal amount of $1,000,000, for a period of one year (the “Line of Credit”).

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Purebase Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-024513

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