IONE, CA, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Purebase Corporation (OTCQB: PUBC), a natural mineral resource company, headquartered in Ione, California, is pleased to announce that it has received a financing commitment of up to $1M from one of its largest shareholders, US Mine Corp., a privately held mining and exploration company owned by certain Directors of Purebase Corporation.
US Mine Corp. has committed to funding Purebase on an as-needed basis, in the form of debt, over the next twelve months as Purebase continues to expand sales and its customer base into new markets. US Mine Corp. will have a right to convert the debt at $0.16, which is the three-month volume-weighted average price of trading as of the close on September 25, 2019. On September 10, 2019, Purebase announced that US Mine Corp. has converted all its outstanding debt to equity.
Purebase’s CEO, Scott Dockter stated, “US Mine Corp. has been an instrumental partner to Purebase for several years. As our largest shareholder, US Mine Corp is committed and continues to support Purebase’s funding requests on an as needed basis as we ramp up the growth and near-term opportunities.
Newbridge Securities Corporation, a full-service securities brokerage, and investment banking firm, served as a financial advisor to the transaction.
About PureBase Corporation
Purebase Corporation (OTCQB: PUBC) is a diversified company that acquires, develops, and markets natural mineral resources in the form of soil amendment solutions.
Contacts
Michael Cavalli | Purebase Corporation
michael.cavalli@purebase.com | Office: (209) 274-9143
And please visit our corporate website – www.purebase.com
Safe Harbor
This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of Purebase Corporation and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at www.purebase.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.