Purebase issues $123K convertible promissory note to Vanquish Funding, netting $100K

Purebase Corp

Principal amount $123,050 includes $16,050 original issue discount; net proceeds $100,000 after fees.
Note bears 12% interest (22% if not timely paid); matures July 30, 2026.
On default, convertible into common stock at 35% discount to share price, subject to 4.99% beneficial ownership cap.
Repayment schedule: $68,908 due Mar 30, 2026, then $17,227 monthly through July 30, 2026.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Purebase Corp issued convertible note to Vanquish Funding Group Inc. for principal amount of $123,050 (including $16,050 of original issue discount).

Security: convertible note
Purchaser: Vanquish Funding Group Inc.
Consideration: principal amount of $123,050 (including $16,050 of original issue discount)

Exact text from the filing

On September 24, 2025, Purebase Corporation, a Nevada corporation (the “Company”), entered into a securities purchase agreement with Vanquish Funding Group Inc., a Virgina corporation (“Vanquish”), pursuant to which the Company issued to Vanquish a promissory note (the “Note”) in the principal amount of $123,050 (including $16,050 of original issue discount) and received funds of $100,000 after legal fees of $2,500 and a due diligence fee of $4,500.

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Source: SEC EDGAR

accession 0001493152-25-017965

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