6 May 2013quarterly activities report▼ Bad
NORTH BAY RESOURCES INC reported quarterly revenue of $0 and a net loss of $785 thousand for the period ended 2013-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
5 Apr 2013securities registration● Neutral
NORTH BAY RESOURCES INC registered a securities offering with the SEC.
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.
9 Nov 2012quarterly activities report▼ Bad
NORTH BAY RESOURCES INC reported quarterly revenue of $0 and a net loss of $864 thousand for the period ended 2012-09-30.
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.
6 Aug 2012quarterly activities report▼ Bad
NORTH BAY RESOURCES INC reported quarterly revenue of $0 and a net loss of $864 thousand for the period ended 2012-09-30.
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.
27 July 2012director interest notice● Neutral
NORTH BAY RESOURCES INC Chief Executive Officer Leopold Perry Lee disposed of 100,000 shares via option/appreciation-right settlement.
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.
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.
20 June 2012securities registration● Neutral
NORTH BAY RESOURCES INC amended an already-effective registration statement.
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.
10 May 2012quarterly activities report▼ Bad
NORTH BAY RESOURCES INC reported quarterly revenue of $0 and a net loss of $356 thousand for the period ended 2012-06-30.
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.
9 Nov 2011quarterly activities report▼ Bad
NORTH BAY RESOURCES INC reported a quarterly net loss of $223 thousand for the period ended 2011-09-30.