North Bay Resources Inc (NBRI)

[1manband]

That is incorrect. Tangiers has NINE notes, and they can convert the first $100K of each note. To compensate Tangiers for the note that has a higher balance than $100,000, they received an additional $150K that is immediately convertible at 70% of VWAP.

Deduct that amount still convertible (convertible!) at the original price, and add the $150K, they have over $1.8 million in convertible debt.