---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-024513"
form_type: "8-K"
ticker: "PUBC"
cik: "0001575858"
company_name: "Purebase Corp"
filed_at: "2023-07-13T23:59:59+00:00"
generated_at: "2026-06-13T08:44:13.093628+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-024513
- form_type: 8-K
- ticker: PUBC
- cik: 0001575858
- company_name: Purebase Corp
- filed_at: 2023-07-13T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1575858/000149315223024513/0001493152-23-024513-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1575858/000149315223024513/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-024513
- JSON: https://secwatch.observer/filing/0001493152-23-024513.json
- Plain text: https://secwatch.observer/filing/0001493152-23-024513.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1575858/000149315223024513/0001493152-23-024513-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.