Past year: ▼ 43%(0.04c – 0.07c USD)
Each one in plain English, with the numbers worked through for a shareholder.
13 July 2012capital raising announcement▼ BadMajor
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.
19 June 2012capital raising announcement▼ Bad
Took on a $100,000 Tangiers note at a lower 7% interest rate but with the conversion floor cut to $0.02 -- terms kept loosening in Tangiers' favor as North Bay's dependence on this single lender deepened.
21 Mar 2012capital raising announcement▼ Bad
Borrowed another $75,000 from Tangiers on similar convertible-note terms, with the conversion price now down to $0.09 -- North Bay's stock price and financing terms were both drifting lower.
8 Feb 2012capital raising announcement▼ Bad
Took on $100,000 more from Tangiers via two convertible notes at a fixed $0.08 conversion price plus warrants -- the toxic-debt financing continued at a steady clip through early 2012.
5 Jan 2012capital raising announcement▼ Bad
Borrowed another $50,000 from Tangiers, split between a straight promissory note and a convertible note, with biweekly cash paydowns drawn against North Bay's existing Tangiers equity line -- financing was tightening into a cycle of new Tangiers debt funding repayment of old Tangiers debt.
23 Dec 2011material agreement termination▼ Bad
Terminated its Fawn & Buck joint-venture/option agreement with Silver Quest Resources after Silver Quest defaulted and failed to cure within the required 60 days, regaining full ownership of the claims.
1 July 2011asset acquisition disposition▲ GoodMajor
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.
1 July 2011material agreement termination▼ Bad
Terminated the Argentum Exploration claim sale after Argentum defaulted on its payments, and retained full ownership of the claims.
3 June 2011capital raising announcement▼ Bad
Fully satisfied the remaining balance of a Tangiers note from December 2010 through a share conversion, continuing the running pattern of debt-to-equity conversions with this lender.
31 May 2011material agreement▲ GoodMajor
Made the final $85,000 option payment on the Ruby Mine and opened escrow, with closing expected by July 1, 2011.
25 Apr 2011capital raising announcement● NeutralMajor
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.
13 Apr 2011asset acquisition disposition● Neutral
Agreed to sell more Slocan District claims to Argentum Exploration for $50,000 cash plus a 2% smelter royalty -- Argentum would later default on the payments and North Bay would terminate the deal in July 2011.
8 Apr 2011capital raising announcement▼ Bad
Partially converted yet another Tangiers note into 975,000 shares, leaving about $22,000 still outstanding -- the Tangiers relationship was now North Bay's primary funding source.
1 Apr 2011capital raising announcement▼ Bad
Converted a second Tangiers note ($50,000 principal) into 1.6 million shares at 80% of the recent low price, continuing the same dilutive financing pattern.
10 Mar 2011capital raising announcement● Neutral
Hired a geological consultant for a mix of cash and restricted stock, with a 10% finder's fee on any financing or JV he brings in for the Canadian properties -- routine, not strategic.
4 Mar 2011capital raising announcement▼ Bad
Converted a $17,500 Tangiers note (plus interest) into 863,681 shares at 80% of the recent low trading price -- the first of many dilutive conversions on the Tangiers debt.
14 Feb 2011asset acquisition disposition● Neutral
Agreed to sell several Slocan District, British Columbia mineral claims to Yardley Mountain Gold for $93,000, payable in installments -- one of several small Canadian claim sales North Bay would use to raise cash while it worked to close the Ruby Mine deal.
1 Feb 2011capital raising announcement▼ Bad
Renegotiated the Ruby Mine option with Ruby Development Company (RDC), cutting near-term option payments but pushing more of the cost into mid-2011 -- a sign North Bay was already stretched to keep the Ruby option alive.
7 Jan 2011capital raising announcement▼ Bad
Sold an 8% convertible note for $50,000 to Asher Enterprises at a 45% discount to market on conversion -- a second toxic-debt lender within the same week as the first.
4 Jan 2011capital raising announcement▼ BadMajor
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.
