Purebase Corporation announced a $1 million line of credit that will be available through February 27 2027. The credit is provided by CorTer, LLC, an entity owned and managed by CEO A. Scott Dockter, and is accompanied by an unsecured 8 % convertible promissory note that can be converted into Purebase common stock.
The financing is intended to shore up working capital while the company builds industrial crushing and ore‑processing facilities, establishes rail‑to‑port logistics, and expands environmentally responsible operations across Nevada and global mineral supply chains. The move represents a strategic pivot from the company’s former focus on supplementary cementitious materials to a broader industrial‑processing and logistics platform for high‑value minerals.
Purebase’s financial position remains precarious. As of May 31 2025, the company reported an accumulated deficit of $65,036,782 and a working‑capital deficit of $1,846,266. The $1 million credit is modest relative to these deficits, underscoring the company’s difficulty in securing external capital and the reliance on insider financing. The convertible note introduces potential dilution for existing shareholders.
CEO A. Scott Dockter said, "Purebase is moving decisively towards becoming a leading processor and logistics partner for high‑value minerals. Our focus is on building the industrial infrastructure, transportation pathways, and responsible operating practices required to support global supply chains. This financing allows us to continue that work while strengthening our operational foundation." CFO Steve Gillings added, "This capital supports our immediate needs and enables Purebase to continue executing on the operational and strategic initiatives that define our new direction. We appreciate the Boards alignment and support as we move forward."
The financing, while a positive step, does not resolve the company’s long‑term capital needs. The late filing of its 10‑K for the fiscal year ended November 30 2025 and the projected increase in net loss signal ongoing financial distress. Management’s reliance on insider financing and the convertible note highlights both commitment and the challenges of attracting third‑party capital in a company with significant working‑capital deficits and a large accumulated loss.
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