North Bay Resources amends payment schedule for its promissory notes

Ruby Development receives 4 million warrants for agreeing to changes

By Devika Patel

Knoxville, Tenn., Nov. 20 - North Bay Resources Inc. revised the terms of a $1.25 million secured promissory note held by Ruby Development Co. on Nov. 19, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The note was issued on July 1, 2011.

The amendment replaces the $1 million payment that would have been due on Dec. 30 with additional monthly installment payments paid over the note's term. The note will now be paid in full by Dec. 30, 2015.

In consideration for agreeing to this, the investor will receive 4 million warrants. The warrants are each exercisable at $0.04 until Dec. 30, 2018.

North Bay Resources is a junior mining company in Lansdale, Pa.

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