8% convertible sold to KBM and 5% convertible sold to RLS through deal
By Devika Patel
Knoxville, Tenn., Aug. 12 – North Bay Resources Inc. sold a $98,500 convertible promissory note to KBM Worldwide, Inc. with a $13,000 original issue discount on Aug. 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It sold a $125,000 convertible promissory note to RLS Premiere Financial LLC on Aug. 7.
The 8% KBM note is due in nine months and is convertible into common shares at a price equal to a 25% discount to the average of the two lowest closing prices on the 20 trading days preceding conversion. It may be prepaid at prices ranging from 110 to 135.
The 5% RLS note is due in one year and is convertible into common shares at a price equal to a 20% discount to the average of the two lowest volume weighted average prices on the 15 trading days preceding conversion. It may be prepaid at 135.
KBM received $3,500 in transaction fees. Carter Terry & Co. was paid a $6,560 cash fee for the KBM note.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $223,500
|
| Warrants: | No
|
| Stock symbol: | OTCBB: NBRI
|
| Stock price: | $0.01 at close Aug. 5
|
| Market capitalization: | $2.5 million
|
|
|
| KBM note
|
| Amount: | $98,500
|
| Maturity: | Nine months
|
| Price: | $13,000 original issue discount
|
| Coupon: | 8%
|
| Conversion price: | 25% discount to the average of the two lowest closing prices on the 20 trading days preceding conversion
|
| Call: | At 110 to 135
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Fees: | $3,500
|
| Settlement date: | Aug. 6
|
|
|
| RLS note
|
| Amount: | $125,000
|
| Maturity: | One year
|
| Coupon: | 5%
|
| Conversion price: | 20% discount to the average of the two lowest volume weighted average prices on the 15 trading days preceding conversion
|
| Call: | At 135
|
| Warrants: | No
|
| Investor: | RLS Premiere Financial LLC
|
| Settlement date: | Aug. 7
|
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