North Bay Resources Inc (NBRI)

[1manband]

That is incorrect. It is not $100K collectively, it is $100K of EVERY NOTE. There are 9 notes, so it is the first $100K OF EVERY ONE OF THEM.

The Agreement extends the maturity date on all of the Notes collectively to November 30, 2015, and resets the conversion price as applied to the first principal amount of $100,000 of any of the Notes that Tangiers elects to convert into shares to 70% of the of the lowest VWAP of the Registrant’s common stock during the twenty (20) consecutive trading days prior to the date of conversion.

That effectively makes all of them into toxic death spiral convertibles. And don't forget the $150K fee added on, which is also toxic.

And, BTW, all the notes originally were convertible into common shares. Just not at a huge discount to VWAP as they are now. So your assertion they were not convertible is incorrect there as well.