North Bay Resources Inc (NBRI)

[Blindsquirrel]

Great find meltingglass!

all outstanding shares of the Series G Preferred were surrendered and cancelled at the request and consent of the sole shareholder on July 25, 2012.

The Series G Preferred was designated in March 2009, and was originally conceived as a funding vehicle for mine acquisitions. This designation created a class of Preferred stock that was directly tied to the price of gold by making each share of the Preferred stock convertible to 1/100 of an ounce of gold, or more simply, one ounce of gold for every 100 share lot.

The sole shareholder of the preferred was Leopold. The 2012 filings show he held 100,000 shares that could have been converted to 1,000 ounces of gold. Thats over $1M he just gave back to the company instead of putting in his pocket when production started. The guy who complains the CEO is not buying shares should look at this and change his tune. The price of gold was over $1600 an ounce in 2012 so this was like a $1.6M share buyback that didnt cost the company anything and the CEO just gave back to the company for free. LOL! Thats nuts. Or maybe he figured the future dividend would be worth more?

http://www.marketwired.com/press-release/north-bay-resources-issues-shareholder-update-otcbb-nbri-1684984.htm