Tangiers purchases two-year note to fund company's mining projects
By Devika Patel
Knoxville, Tenn., Oct. 3 - North Bay Resources Inc. sold a $750,000 two-year 7% convertible promissory note to Tangiers Investors, LP on Oct. 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is convertible into common shares at a price equal to the volume-weighted average price on the day of conversion, with a floor price of $0.0129 per share and a ceiling price of the volume-weighted average price on the date prior to each tranche.
Tangiers will also receive 125,000 five-year warrants for every $50,000 of notes purchased. The warrants are exercisable at 125% of the conversion price.
Proceeds will be used for mining projects and general working capital.
North Bay Resources is a junior mining company in Lansdale, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $750,000
|
| Maturity: | Two years
|
| Coupon: | 7%
|
| Conversion price: | The volume-weighted average price on the day of conversion, with a floor price of $0.0129 per share and a ceiling price of the undiscounted volume-weighted average price on the date prior to each tranche
|
| Warrants: | 125,000 warrants for every $50,000 of notes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 125% of the conversion price
|
| Investor: | Tangiers Investors, LP
|
| Settlement date: | Oct. 2
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.06 at close Oct. 1
|
| Market capitalization: | $6.01 million
|
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