Nine-month zero-coupon note sold to LG Capital through Carter Terry
By Devika Patel
Knoxville, Tenn., Oct. 11 - North Bay Resources Inc. sold a $56,500 convertible promissory note to LG Capital Funding LLC on Oct. 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The principal includes a 10% original issue discount and $1,500 in fees.
The 0% note is due in nine months and is convertible into common shares at the lesser of $0.10 or 70% of the average of the two lowest closing prices in the 25 trading days preceding conversion. It may be prepaid.
Carter Terry & Co. was paid a $5,000 cash commission.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $56,500
|
| Maturity: | Nine months
|
| Price: | 10% original issue discount
|
| Coupon: | 0%
|
| Conversion price: | Lesser of $0.10 or 70% of the average of the two lowest closing prices in the 25 trading days preceding conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | LG Capital Funding LLC
|
| Fees: | $1,500
|
| Settlement date: | Oct. 7
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.04 at close Oct. 4
|
| Market capitalization: | $5.14 million
|
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