Tonaquint buys nine-month note with $10,000 original issue discount
By Devika Patel
Knoxville, Tenn., Aug. 3 - North Bay Resources Inc. sold a $100,000 nine-month convertible promissory note to Tonaquint, Inc. on Aug. 2, according to an 8-K filed Friday with the Securities and Exchange Commission. The 8% note has an original issue discount of $10,000.
The note is convertible into common shares at $0.06 per share, which is a 14.29% discount to the Aug. 1 closing share price of $0.07.
A commission was paid to Carter Terry & Co.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | Nine months
|
| Price: | Original issue discount of $10,000
|
| Coupon: | 8%
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Agent: | Carter Terry & Co.
|
| Investor: | Tonaquint, Inc.
|
| Settlement date: | Aug. 2
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.07 at close Aug. 1
|
| Market capitalization: | $6.67 million
|
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