One-year note sold to Tangiers with 1.5 million five-year warrants
By Devika Patel
Knoxville, Tenn., June 19 - North Bay Resources Inc. sold a $100,000 one-year convertible promissory note to Tangiers Investors LP on June 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 7% note is convertible into common shares at the lesser of $0.07 per share or the undiscounted volume-weighted average price on the day preceding conversion, with a floor price of $0.02. It may be prepaid.
Tangiers also received 1.5 million warrants, half of which are exercisable at $0.07 for five years and half of which are exercisable at $0.14 for five years. The warrant strike prices are identical and a 100% premium to the June 18 closing share price of $0.07.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | One year
|
| Coupon: | 7%
|
| Conversion price: | Lesser of $0.07 per share or the undiscounted volume weighted average price the day prior to conversion, floor of $0.02
|
| Call: | Yes
|
| Warrants: | 1.5 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.07 and $0.14
|
| Investor: | Tangiers Investors LP
|
| Settlement date: | June 19
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.07 at close June 18
|
| Market capitalization: | $7.36 million
|
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