NORTH BAY RESOURCES INC

NORTH BAY RESOURCES INC deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Made further KBM, Typenex and Tangiers note conversions even after losing the Ruby Mine to foreclosure -- North Bay continued servicing legacy convertible debt with dilutive stock issuance with no remaining core operating asset.

capital raising announcement

Ruby Development Company foreclosed on its security interest in Ruby Gold, Inc., taking possession of all of Ruby Gold's assets and liabilities after North Bay defaulted on the underlying mortgage -- North Bay lost its flagship Ruby Mine asset entirely, the effective end of the operating story that began with the 2011 acquisition.

material agreement termination

Converted more of the Tangiers Master Agreement note; the filing disclosed North Bay now had over 1.3 billion shares outstanding -- a share count that had grown roughly a thousandfold from its 2011 base through five years of convertible-note dilution.

capital raising announcement

Converted more of the Typenex and Tangiers (now under the consolidated Master Agreement) notes into a combined roughly 236 million shares -- share counts needed per conversion had grown by orders of magnitude since 2011.

capital raising announcement

Consolidated nine separate Tangiers convertible notes (about $794,000 aggregate principal, accrued since December 2011) into a single Master Loan and Security Agreement, extended their maturity to November 2015, sweetened Tangiers' conversion terms, and added a $150,000 forbearance fee to the balance -- a distress refinancing that rolled years of accumulated toxic debt into one larger, more expensive obligation.

capital raising announcement

Converted pieces of the JMJ and LG Capital notes into a combined roughly 78 million shares for about $9,200 of debt -- North Bay was now issuing tens of millions of shares to retire a few thousand dollars at a time.

capital raising announcement

Issued a second $550,000 promissory note to JMJ Financial (its original 2012 lender), this one with a 24-month term -- a second large tranche of debt from its longest-standing toxic-debt lender.

capital raising announcement

Issued a second $280,000 secured convertible note to Typenex Co-Investment on the same discounted terms as its 2013 note.

capital raising announcement

Repriced two existing Tangiers notes (from mid- and late-2012, together $850,000 face value) to a fixed $0.02 conversion price and dropped their warrant sweeteners -- Tangiers renegotiating for cheaper stock as North Bay's share price kept falling.

capital raising announcement

Restructured the Ruby Mine mortgage again with RDC, replacing the looming $1 million year-end payment with smaller monthly installments stretched to December 2015, and paid RDC in warrants for the accommodation -- another sign the mortgage's terms kept being pushed out rather than paid down.

material agreement

Brought in a new toxic-debt lender, Typenex Co-Investment, with a $280,000 secured convertible note carrying a 10% original issue discount -- North Bay's stable of convertible-note lenders kept expanding as 2013 wore on.

capital raising announcement

Disclosed it had inadvertently sold unregistered securities from October 2011 through April 2013 because its resale prospectus had gone stale under SEC rules, forcing a second 2013 restatement to reclassify affected shares as temporary equity -- a genuine compliance failure layered on top of the year's earlier restatement.

financial restatement

Signed a prepaid-gold forward-sale agreement, receiving a $150,000 cash advance against future delivery of up to 2,120 ounces of specimen gold from the Ruby Mine at a 10% discount to spot -- an unusual, non-dilutive financing tool alongside the convertible notes, but one that pledged future mine output.

material agreement

Extended the Ruby Mine mortgage with RDC to December 2015, but increased the balance by $160,000 and set a $1 million principal payment due by year-end -- the mortgage kept growing larger and more urgent even as its maturity was pushed out.

material agreement

Restated its Q3 2012 financials after an SEC comment-letter review found it had improperly capitalized Ruby Mine tunnel and access-road costs that should have been expensed -- the first of two accounting-compliance failures in 2013.

financial restatement

Doubled its Tangiers equity line commitment from $5 million to $10 million and extended its term from three to five years -- expanding, not shrinking, its reliance on dilutive financing even as the balance sheet was under strain.

material agreement

Extended the Ruby Mine mortgage with RDC to June 2013 after making a $50,000 principal paydown, leaving $1,774,822 still owed -- the size of the Ruby mortgage was becoming a real overhang on the balance sheet.

material agreement

Got Tangiers to waive default/conversion rights on several notes and extend maturities by 24 months -- a forbearance arrangement suggesting North Bay could not keep pace with its own convertible-note obligations.

capital raising announcement

Issued a $750,000 promissory note to Tangiers, funded in $50,000 tranches, convertible at the prevailing market price -- Tangiers remained North Bay's largest single creditor.

capital raising announcement

Brought in a second toxic-debt lender, JMJ Financial, with a $550,000 promissory note carrying a 10% original issue discount -- North Bay's borrowing needs had outgrown what Tangiers alone was providing.

capital raising announcement

Completed the Ruby Mine acquisition: Ruby Gold, Inc. became a wholly-owned North Bay subsidiary after paying RDC an aggregate $510,000 -- North Bay's flagship asset for the rest of its public life, and the mortgage debt underlying it would become a recurring source of financial strain.

asset acquisition disposition

Made the final $85,000 option payment on the Ruby Mine and opened escrow, with closing expected by July 1, 2011.

material agreement

Amended the Ruby Mine option again, accelerating the exercise deadline to June 1, 2011 and raising the final payment to $85,000, in exchange for lower monthly carrying costs -- the deal was being restructured under financial pressure but was moving toward closing.

capital raising announcement

Borrowed $50,000 from Tangiers Investors under a convertible note earmarked for Ruby Mine option payments and permit costs -- the note converts at a steep discount to market (70% of the lowest trading price), the start of a long run of dilutive toxic-debt financing.

capital raising announcement