Six-month 5% convertible sold to Beaufort Capital through Carter Terry
By Devika Patel
Knoxville, Tenn., April 2 - North Bay Resources Inc. sold a $50,000 convertible promissory note to Beaufort Capital Partners LLC on March 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The principal includes a 10% original issue discount.
The 5% note is due in six months and is convertible at maturity into common shares at a price equal to 70% of the average of the two lowest volume-weighted average prices of the shares during the 25 consecutive trading days preceding the conversion date. It may be prepaid.
Carter Terry & Co. was paid a $4,000 cash commission.
North Bay Resources is a junior mining company in Lansdale, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $50,000
|
| Maturity: | Sept. 27, 2014
|
| Price: | 10% original issue discount
|
| Coupon: | 5%
|
| Conversion price: | 70% of arithmetic average of two lowest volume-weighted average prices of shares during 25 consecutive trading days preceding conversion date
|
| Call option: | Yes
|
| Warrants: | No
|
| Investor: | Beaufort Capital Partners LLC
|
| Settlement date: | March 27
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.02 at close March 26
|
| Market capitalization: | $4.04 million
|
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