Purebase Receives Additional Funding from Existing Shareholder
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Rhea-AI Summary
Purebase Corporation (OTCQB:PUBC) announced a new financing commitment of up to $2,000,000 from its largest shareholder, US Mine Corp. The financing will be provided through unsecured convertible promissory notes with a 5.0% annual interest rate, convertible at $0.088 per share. Since its inception, US Mine Corp. has invested approximately $6.4 million in Purebase. CEO Scott Dockter expressed appreciation for USMC's ongoing support, highlighting the company's potential in specialized soil amendment and supplementary cementitious materials markets.
Positive
- Secured additional financing of $2,000,000 from US Mine Corp.
- US Mine Corp. has previously invested over $6.4 million in Purebase, indicating strong shareholder confidence.
Negative
- None.
Details
News Market Reaction – PUBC
The recorded move for PUBC in the trading session of this news was +13.64%.
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IONE, CA, March 22, 2021 (GLOBE NEWSWIRE) -- Purebase Corporation (OTCQB:PUBC), (“Purebase” or the “Company”), a diversified resource company, headquartered in Ione, California, announced today that it has received an additional financing commitment of up to
US Mine Corp. has committed to funding Purebase on an as-needed basis through the issuance of unsecured convertible promissory notes. The notes will be payable 2-years after the date of issuance and have an interest rate of
In addition to this new
Purebase’s CEO, Scott Dockter stated, “US Mine Corp. has invested a considerable amount of capital into Purebase since inception, and we appreciate their continued support as a strategic and financing partner. USMC, and all our other shareholders, understand the potential value of the resources we have here at our Ione, California property, and how we plan on advancing several major potential commercial transactions in the specialized soil amendment and supplementary cementitious materials (SCMs) markets.”
Newbridge Securities Corporation served as a financial advisor on the transaction and The Crone Law Group acted as the Company’s Legal Counsel.
About Purebase Corporation
Purebase Corporation (OTCQB: PUBC) is a diversified resource company that acquires, develops and markets minerals for use in the agriculture, construction and other specialty industries.
Contacts
Emily Tirapelle - Purebase Corporation | emily.tirapelle@purebase.com, and please visit our corporate website and subscribe to our upcoming Newsletter – www.purebase.com/newsletter
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.
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