5% one-year promissory note was sold to Zaco Investments through deal
By Devika Patel
Knoxville, Tenn., July 28 – North Bay Resources Inc. sold a $100,000 convertible promissory note to Zaco Investments LLC on July 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 5% note is due in one year and is convertible into common shares at a price equal to a 80% of the average of the two lowest volume-weighted average prices during the 15 trading days preceding conversion. It may be prepaid at par.
KBM received $3,500 in transaction fees. Carter Terry & Co. was paid a $6,560 cash fee for the KBM note.
Proceeds will be used to prepare the Ruby Mine for the restart of operations.
North Bay Resources is a junior mining company in Skippack, Pa.
| Issuer: | North Bay Resources Inc.
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| Issue: | Convertible promissory note
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| Amount: | $100,000
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| Maturity: | One year
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| Coupon: | 5%
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| Conversion price: | 80% of the average of the two lowest volume-weighted average prices during the 15 trading days preceding conversion
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| Call: | At par
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| Warrants: | No
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| Investor: | Zaco Investments LLC
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| Fees: | $3,500
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| Settlement date: | July 24
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| Stock symbol: | OTCBB: NBRI
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| Market capitalization: | $61,060
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