1 Dec 2014capital raising announcement▼ Bad
Converted pieces of the LG Capital and Union Capital notes into over 73 million more shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2014capital raising announcement▼ Bad
Converted pieces of the Beaufort and WHC notes into over 64 million more shares -- the same accelerating dilution pattern continued into year-end 2014.
17 Nov 2014capital raising announcement▼ BadMajor
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.
13 Nov 2014listing compliance notice▼ Bad
NORTH BAY RESOURCES INC withdrew a registration statement, abandoning the offering it covered.
12 Nov 2014listing compliance notice▼ Bad
NORTH BAY RESOURCES INC withdrew a registration statement, abandoning the offering it covered.
31 Oct 2014capital raising announcement▼ Bad
Converted pieces of the Union Capital and JMJ notes into a combined roughly 56.6 million shares to satisfy under $19,000 of debt -- the dilution-per-dollar ratio kept worsening.
24 Oct 2014capital raising announcement▼ Bad
Converted pieces of the Caesar and Beaufort notes into a combined nearly 47 million shares -- share issuance per dollar of debt retired kept accelerating.
8 Oct 2014capital raising announcement▼ Bad
Converted more of the GEL and Typenex notes into over 31 million shares combined -- share counts needed to satisfy the same dollar amounts of debt were climbing as the stock price fell.
22 Sept 2014capital raising announcement▼ Bad
Converted pieces of the GEL and Typenex notes into a combined roughly 10.8 million shares to satisfy about $55,000 of debt -- the conversion treadmill was now running across five or six lenders simultaneously.
12 Sept 2014capital raising announcement▼ BadMajor
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.
8 Sept 2014material agreement▲ Good
The TSX Venture Exchange formally accepted the Ximen Brett West option agreement, clearing the way for Ximen's earn-in payments to begin.
12 Aug 2014capital raising announcement▼ Bad
Issued a $98,500 convertible note to KBM Worldwide, another new toxic-debt lender, at an 8% rate with a 25% discount-to-market conversion feature -- KBM would go on to be one of the most frequently tapped lenders through 2017.
18 July 2014material agreement▲ Good
Optioned its Brett West and Bouleau Creek claims in southeastern British Columbia to TSX Venture-listed Ximen Mining for up to $600,000 in cash and Ximen stock -- another instance of a better-capitalized partner paying to earn into North Bay ground.
17 July 2014capital raising announcement▼ Bad
Issued a $250,000 convertible note to yet another new lender, JSJ Investments -- the toxic-debt lender list continued to grow through mid-2014.
12 June 2014capital raising announcement▼ Bad
Converted portions of both the JMJ and Typenex notes into a combined roughly 8.3 million shares -- the note roster from 2013-14 was now converting in parallel rather than sequentially.
14 May 2014capital raising announcement▼ BadMajor
Issued a second $280,000 secured convertible note to Typenex Co-Investment on the same discounted terms as its 2013 note.
23 Apr 2014capital raising announcement▼ BadMajor
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.
23 Apr 2014capital raising announcement▼ Bad
Issued a $55,000 convertible note to WHC Capital, another new toxic-debt lender -- five different convertible-note lenders had now been added within about three months.
14 Apr 2014capital raising announcement▼ Bad
Issued a $44,000 convertible note to Caesar Capital Group, another new toxic-debt lender.
3 Apr 2014capital raising announcement▼ Bad
Partially converted the large $750,000 Tangiers note from October 2012 into 3 million shares to satisfy about $76,800 of principal and interest -- Tangiers' 2012 note was now also being worked down through the same conversion mechanism.
2 Apr 2014capital raising announcement▼ Bad
Issued a $50,000 convertible note to Beaufort Capital Partners, another new lender, on similar 70%-of-VWAP conversion terms.
14 Mar 2014capital raising announcement▼ Bad
Issued a $30,000 convertible note to Union Capital, a further new toxic-debt lender, on the now-standard discount-to-market terms.
14 Mar 2014capital raising announcement▼ Bad
Another partial JMJ note conversion into shares.
6 Feb 2014capital raising announcement▼ Bad
Issued two $50,000 convertible notes to a new lender, GEL Properties, at a 10% discount -- yet another name added to the growing toxic-debt lender roster.
4 Feb 2014material agreement● Neutral
Paid $165,000 cash to extinguish the private-investor gold-advance obligation early -- one of the rare 2013-14 financings actually retired rather than converted or rolled forward.
22 Jan 2014capital raising announcement▼ Bad
Another partial JMJ note conversion into shares.
10 Jan 2014material agreement● Neutral
Formalized a joint-venture arrangement with its own Ruby Gold subsidiary, under which North Bay funds Ruby's operations via loans in exchange for a 50% share of eventual net income once debt is repaid -- effectively an internal financing structure ahead of a planned separate SEC registration for Ruby Gold.
9 Jan 2014capital raising announcement▼ Bad
Amended the LG Capital note's terms and made another partial JMJ note conversion -- routine continuation of the by-now-standard financing mix.
13 Dec 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares, closing out 2013's financing activity on the same pattern that had run through the whole year.
20 Nov 2013material agreement▼ BadMajor
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.