15 Nov 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares.
11 Oct 2013capital raising announcement▼ Bad
Issued a $56,500 convertible note to LG Capital Funding at a 10% discount, another new lender joining the growing roster of toxic-debt financiers.
4 Oct 2013capital raising announcement▼ BadMajor
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.
4 Oct 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares.
19 Aug 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares -- the recurring dilution cycle against the 2012 JMJ note continued into its second year.
9 Aug 2013material agreement● Neutral
Drew a second $50,000 advance under the prepaid-gold facility for 40 more ounces of specimen gold, continuing to monetize future Ruby Mine output for near-term cash.
24 July 2013material agreement● Neutral
Amended the Tangiers equity line a third time to make draws irrevocable and strip out warrant provisions -- likely a response to the prospectus lapse just disclosed, tightening up the offering's mechanics.
19 July 2013listing compliance notice▼ Bad
NORTH BAY RESOURCES INC withdrew a registration statement, abandoning the offering it covered.
17 July 2013financial restatement▼ BadMajor
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.
3 July 2013asset acquisition disposition▲ Good
Closed the sale of its Fawn and Buck mineral claims -- regained from Silver Quest's 2011 default -- to New Gold Inc. for $166,675 cash, its largest single Canadian claim sale.
25 June 2013material agreement● Neutral
Formed a joint venture with Solid Holdings to operate its 100%-owned Fraser River project, with Solid funding all equipment and personnel in exchange for the operating profits and North Bay retaining a 20% net smelter royalty -- a way to get a non-core asset worked without spending its own scarce cash.
5 June 2013material agreement● NeutralMajor
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.
31 May 2013capital raising announcement▼ Bad
Another partial JMJ note conversion -- the pattern of small, frequent dilutive conversions against outstanding toxic debt was now well established.
11 Apr 2013capital raising announcement▼ Bad
Another partial JMJ note conversion into shares -- continuing dilution against the same $550,000 note first issued in mid-2012.
28 Mar 2013material agreement● Neutral
Amended the Tangiers equity line agreement (Amendment No. 2) again -- routine paperwork continuing the February 2013 expansion.
28 Mar 2013material agreement▼ BadMajor
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.
12 Mar 2013asset acquisition disposition● Neutral
Sold three more sets of British Columbia mineral claims (Goats, Tommy K, Lardeau Creek/Silver Cup/Gertrude, and BV claims) for a combined roughly $95,000 plus assessment credits, continuing to liquidate non-core Canadian ground for cash.
28 Feb 2013capital raising announcement▼ Bad
Another JMJ note conversion, this time against a $152,025 outstanding balance -- the JMJ debt kept growing even as pieces of it were converted to stock.
11 Feb 2013capital raising announcement▼ Bad
Converted more of the JMJ note into shares to satisfy roughly $118,000 outstanding -- the recurring dilution cycle continued.
11 Feb 2013financial restatement▼ BadMajor
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.
5 Feb 2013material agreement▼ BadMajor
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.
30 Jan 2013capital raising announcement▼ Bad
Converted part of the JMJ Financial note into shares to pay down roughly $132,000 of accrued principal, interest and fees -- the JMJ note would go on to be tapped for dozens of small conversions over the next several years.
28 Dec 2012material agreement▼ BadMajor
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.
28 Nov 2012material agreement● Neutral
Signed a routine land-access agreement for water rights and surface access near its Fraser River project in British Columbia -- administrative, not a strategic development.
27 Nov 2012capital raising announcement▼ BadMajor
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.
25 Oct 2012material agreement▲ Good
Optioned its Willa 5 and Silver Jen claims in southeastern British Columbia to TSX Venture-listed Caribou King Resources for up to $232,500 cash plus 1 million Caribou shares and a 2% smelter royalty -- a rare instance of North Bay being paid by a larger, more solvent partner to earn into its ground rather than borrowing against it.
3 Oct 2012capital raising announcement▼ BadMajor
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.
3 Aug 2012capital raising announcement▼ Bad
Issued a $100,000 convertible note to a third toxic-debt lender, Tonaquint, Inc., with a fixed $0.06 conversion price and a self-amortizing repayment schedule -- the lender roster kept expanding.
16 July 2012material agreement● Neutral
Extended its option on the Taber Mine property in Sierra County, California for another year at $2,000/month -- a small, low-cost second California prospect kept alive alongside Ruby.