Typenex buys 13-month secured convertible promissory note at discount
By Devika Patel
Knoxville, Tenn., Oct. 4 - North Bay Resources Inc. sold a $280,000 13-month 10% secured convertible promissory note to Typenex Co-Investment, LLC on Oct. 1, according to an 8-K filed Friday with the Securities and Exchange Commission. The note carries a $25,000 original issue discount.
The note is convertible into common shares at $0.08 per share, which is a 60% premium to the Sept. 30 closing share price of $0.05. The convertible may be prepaid at 125.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $280,000
|
| Maturity: | 13 months
|
| Price: | $25,000 original issue discount
|
| Coupon: | 10%
|
| Conversion price: | $0.08
|
| Conversion premium: | 60%
|
| Call: | At 125
|
| Warrants: | No
|
| Agent: | Carter Terry & Co.
|
| Investor: | Typenex Co-Investment, LLC
|
| Settlement date: | Oct. 1
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.05 at close Sept. 30
|
| Market capitalization: | $4.91 million
|
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