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North Bay Resources, Inc. Message Board

  • slapthatpig@rocketmail.com slapthatpig Mar 2, 2013 11:26 AM Flag

    How Toxic Financing Works

    In accordance with the terms of the Note and receipt of the required conversion notice from JMJ, the Note was partially converted into 1,100,000 restricted shares of common stock of the Company to satisfy $23,947 of the principal and interest. The remaining amount currently outstanding on the Note, including accrued interest and the aforementioned OID, is $128,078. The shares issued were valued at $0.02177 per share, which was equal to 70% of the average of the two lowest closing prices of our common stock in the 25 trading days immediately preceding the conversion date.

 
NBRI
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