CEO Converts $1.47M Debt to Equity, Increasing Stake to 39.4%

summarizeSummary

Purebase Corp's CEO, A. Scott Dockter, significantly increased his beneficial ownership to 39.4% by converting $1.47 million in debt and expenses into 72.8 million shares, a highly dilutive event for existing shareholders.

check_boxKey Events

• CEO's Stake Increases to 39.4%

  A. Scott Dockter, CEO, President, and Director, now beneficially owns 109.48 million shares, representing 39.4% of the company's common stock.

• Debt-to-Equity Conversion

  Dockter's entity, CoreTer LLC, converted $1.01 million in outstanding principal and interest from a promissory note into 50.3 million shares at $0.020152 per share.

• Expense Reimbursement in Shares

  CoreTer LLC also received 22.5 million shares as reimbursement for $0.45 million in company expenses paid by CoreTer, also at $0.020152 per share.

• Significant Dilution

  The total conversion and reimbursement of $1.47 million into 72.8 million shares represents a substantial dilutive event for existing shareholders, equivalent to approximately 24% of the company's market value.

auto_awesomeAnalysis

CEO A. Scott Dockter's entity, CoreTer LLC, converted $1.01 million in debt and received $0.45 million in expense reimbursement into 72.8 million common shares. This significantly increases his beneficial ownership to 39.4% of the company, but also represents substantial dilution for existing shareholders, equivalent to approximately 24% of the company's market capitalization. This follows previous disclosures about the debt conversion, providing precise figures and the updated ownership structure.