Purebase Corp Issues 72.8M Shares to CEO's Entity, Converting $1.46M Debt and Expenses

summarizeSummary

Purebase Corp converted $1.46 million in debt and expenses owed to its CEO's entity into over 72 million shares, significantly diluting existing shareholders but providing crucial financial support amidst going concern warnings.

check_boxKey Events

• Debt-to-Equity Conversion

  Purebase Corp issued 50,311,184 shares of common stock to CoreTer, LLC (CEO's entity) by converting a $1,013,870.97 convertible promissory note, previously reported on March 2, 2026.

• Expense Reimbursement via Equity

  An additional 22,526,655 shares were issued to CoreTer, LLC to reimburse approximately $453,957 in operating expenses paid on the company's behalf.

• Significant Dilution

  A total of 72,837,839 shares were issued, representing a substantial dilution for existing shareholders. The total value converted was $1,467,827.97.

• CEO's Entity Involvement

  CoreTer, LLC, the recipient of the shares, is owned and managed by A. Scott Dockter, the company's Chief Executive Officer, indicating continued insider financial support.

auto_awesomeAnalysis

Purebase Corp, facing significant going concern doubts, has issued over 72 million shares to CoreTer, LLC, an entity owned by its CEO, A. Scott Dockter. This transaction converts approximately $1.46 million in outstanding debt and operating expenses into equity. While highly dilutive for existing shareholders, it also reduces the company's liabilities and demonstrates continued financial support from the CEO's entity, which is critical for the company's short-term survival. The conversion occurred at an implied price of $0.02015 per share, a premium to the current market price of $0.016.