Purebase Corporation announced a private placement to issue an 8% unsecured convertible promissory note in the principal amount of up to $618,000 on February 8, 2024. The transaction will include participation from returning investor U.S. Mine Corp. The principal amount of the Convertible Note is to be funded by USMC in six installments of $103,000 each. The first three installments, in the aggregate amount of $309,000, were made on the Issuance Date, March 1, 2024, and April 1, 2024. The final three installments, in the additional aggregate amount of $309,000, are due to be made on or around May 1, 2024, June 1, 2024, and July 1, 2024. The Company plans to use the proceeds from the Convertible Note to pay the settlement amount agreed to in a binding arbitration with a former officer of the Corporation. The Convertible Note has a stated maturity date of February 7, 2026. Interest is payable on the unpaid principal amount of the Convertible Note at a rate of 8% per annum.

On the same date, the company announced that it has received $103,000 in the first tranche.