Friday, December 19, 2014 6:12:43 PM
Ooops! The Tangiers "crushing" has begun. As predicted, Tangiers has begun to convert and dump as soon as the new deal was completed.
On December 15, 2014, the Registrant accepted a conversion notice from Tangiers Investors LP, ("Tangiers") to partially satisfy a $750,000 Convertible Promissory Note Agreement ("the Note") dated October 2, 2012 with Tangiers. 126,128,571 shares were issued to satisfy $8,829 of the outstanding principal and interest. In accordance with the terms of the Note, as amended on December 5, 2014, the shares were issued at a price equal to 70% of lowest VWAP of the shares of Common Stock during the twenty (20) consecutive trading day period immediately preceding the date of conversion. As of the date of this report the remaining amount currently outstanding on the Note, including accrued interest, is now $466,858.
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