Purebase Eliminates Existing Liabilities in Debt Conversion
Rhea-AI Summary
Purebase (OTCQB:PUBC) announced a debt-for-equity exchange that removes $1,467,828.11 in liabilities. The existing noteholder converted this debt into 72,837,839 common shares at a conversion price of $0.020152 per share.
According to Purebase, the counterparty is CoreTer LLC, also owned by CEO A. Scott Dockter, and the transaction supports the company’s transition toward an integrated logistics platform for high-value minerals and commodities.
AI-generated analysis. Not financial advice.
Positive
- Eliminates $1,467,828.11 of liabilities via debt-for-equity exchange
- Converts debt at a defined $0.020152 per-share price
- Aligned insider participation through CoreTer LLC owned by the CEO
- Management signals confidence in new integrated logistics strategy
Negative
- Issues 72,837,839 new common shares, increasing share count
- Debt conversion may dilute existing PUBC shareholders’ ownership percentages
Sutter Creek, CA, May 13, 2026 (GLOBE NEWSWIRE) -- Purebase Corporation (OTCQB:PUBC), (“Purebase” or the “Company”), is pleased to announce it has eliminated
Purebase CEO, A. Scott Dockter said “As Purebase continues its transition into an integrated logistics platform for high-value minerals and commodities, this was the perfect time to clean up the balance sheet and communicate to the market that Purebase leadership and our shareholders are confident in the Company’s new direction.”
About Purebase Corporation
Purebase Corporation (OTCQB: PUBC) is a diversified resource company that acquires, develops and provides high-value minerals and agricultural products for use in domestic and global supply chains.
Contacts
Roger Edwards - Purebase Corporation - roger.edwards@purebase.com. Please visit our corporate website – www.purebase.com
Safe Harbor
This press release contains statements, which may constitute “forward-looking statements.” Those statements include statements regarding the intent, belief, or current expectations of Purebase Corporation and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at www.purebase.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
