Purebase Corp 8-K

What Happened
Purebase Corporation announced on February 27, 2026 that it entered into a Line of Credit Agreement with CoreTer, LLC (a Nevada LLC owned and managed by A. Scott Dockter, the Company’s CEO) under which CoreTer may loan the company up to $1,000,000 through February 27, 2027. On the same date Purebase issued an unsecured 8% convertible promissory note to CoreTer that matures February 27, 2027. The note is convertible into common stock at a conversion price equal to the weighted average closing price for the 20 trading days prior to conversion; conversion shares will be issued in an exemption from registration under Section 4(a)(2).

Key Details

• Line amount: up to $1,000,000 available through February 27, 2027.
• Note: unsecured promissory note, 8% annual interest, matures February 27, 2027.
• Conversion: holder may convert outstanding principal and interest into common stock at the 20‑day weighted average closing price prior to conversion; conversion subject to customary adjustments.
• Other terms: Company may prepay loans without penalty; default accelerates repayment of principal and accrued interest.

Why It Matters
This transaction provides Purebase with near‑term liquidity (up to $1.0M) through a line of credit and a convertible note, which can affect the company’s cash runway and capital structure. Because the lender is owned and managed by Purebase’s CEO, this is a related‑party financing and is a material financing arrangement investors should note. Conversion of the note into equity would dilute existing shareholders; if conversion occurs, shares are being issued in a private placement exemption (unregistered).