PureBase Corporation announced a private placement of 5% unsecured convertible promissory notes for gross proceeds up to $1,000,000 on March 23, 2022. The transaction will include participation from returning investor US Mine Corp. The notes will be issued at par, will have a stated maturity date of two years from the date of issuance and will bear interest at a fixed rate of 5% per annum, which is payable on maturity.

The notes are convertible into common shares at any time at the option of the investor, at a fixed conversion price of $0.39 per share. The company may raise funding in one or more closings. The notes will be exempt from registration under Section 4(a)(2) and/or Rule 506(b) of Regulation D as promulgated by the Securities and Exchange Commission under of the Securities Act of 1933, as amended.

The transaction will be open for a period of one year from the date hereof and may be extended by the company, in its sole discretion, for up to an additional 90 calendar days.