secwatch.observer — SEC 8-K summary
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Issuer:     Purebase Corp (PUBC)
CIK:        0001575858
Form:       8-K
Filed at:   2023-07-13T23:59:59+00:00
Accession:  0001493152-23-024513
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1575858/000149315223024513/0001493152-23-024513-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1575858/000149315223024513/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-024513

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