North Bay Resources Inc (NBRI)

[meltinglass]

The Board of Directors has authorized the cancellation and elimination of our Series G Convertible Preferred Stock (the "Preferred," or the "Series G Preferred"), thereby removing it entirely as a class of stock and releasing any common shares or gold inventory that had previously been reserved in the event any Preferred shares were deemed immediately convertible.
cont ...

... In its place, and as a way to link our common shares more directly to the price of gold, the Company intends to declare a cash dividend to holders of our common stock once our net revenue from gold production exceeds a threshold level that would make any such dividend meaningful. In this way, our common stock will more directly reflect movements in the price of gold, which we firmly believe will continue to rise. Simply put, and all else being equal, as the price of gold rises our net revenue from gold production should similarly increase,thereby increasing the potential size of any future dividend. The Company believes this is a much fairer and simpler way for shareholders to directly benefit from any increase in the price of gold going forward, and without any of the complications that the Series G Preferred might have presented in the future.

Marketwire - Jul 30, 2012