Six-month 10% convertible sold to JSJ Investments through Carter Terry
By Devika Patel
Knoxville, Tenn., July 17 – North Bay Resources Inc. sold a $250,000 convertible promissory note to JSJ Investments Inc. on July 14, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% note is due in six months and is convertible into common shares at a price equal to a 42% discount to the average of the three lowest volume-weighted average prices during the 20 trading days preceding the conversion date. It may be prepaid at 140.
Carter Terry & Co. was paid an $8,000 cash commission.
North Bay Resources is a junior mining company in Lansdale, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $250,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Conversion price: | 42% discount to the average of the three lowest volume-weighted average prices during the 20 trading days preceding the conversion date
|
| Call: | At 140
|
| Warrants: | No
|
| Investor: | JSJ Investments Inc.
|
| Settlement date: | July 14
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.02 at close July 11
|
| Market capitalization: | $2.63 million
|
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