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Purebase Corp (OTC:PUBC) announced Tuesday that it has entered into a securities purchase agreement with Vanquish Funding Group Inc., according to a statement filed with the Securities and Exchange Commission.
On September 24, 2025, Purebase Corp issued a promissory note to Vanquish Funding Group with a principal amount of $123,050, which includes an original issue discount of $16,050. After deducting legal fees of $2,500 and a due diligence fee of $4,500, Purebase received net proceeds of $100,000 from the transaction.
The promissory note bears an interest rate of 12%, which may increase to 22% if not paid on time. The note is scheduled to mature on July 30, 2026. Payment terms require $68,908 to be paid on March 30, 2026, and $17,227 to be paid on each of March 30, April 30, May 30, June 30, and July 30, 2026.
In the event of a default, the note is convertible into shares of Purebase’s common stock at a 35% discount to the share price, subject to a 4.99% beneficial ownership limitation. The company stated that when issued, the conversion shares will be exempt from registration under Section 4(a)(2) of the Securities Act as they are considered a transaction not involving a public offering.
Purebase Corp is incorporated in Nevada and is classified under the agriculture chemicals sector. The company’s shares are not registered on any national securities exchange.
This information is based on a press release statement filed with the SEC.
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