Replies to post #65648 on North Bay Resources Inc (NBRI)

[lemon]

lol There are several "toxic" financing deals Mr. Leopold as laid on us shareholders, but they are anything but sweet.

[Huggy Bear]

Waiting on Mr. Leopold to lay a sweet financing deal on like this one announced today?

Effective April 21, 2014, the Registrant issued a $55,000 Convertible Promissory Note (the “Note”) to WHC Capital, LLC ("WHC", or “the Lender”). The Principal Sum due to the Lender includes a 10% Original Issue Discount ("OID"). The Note has a maturity date of twelve (12) months from the Effective Date, and accrues interest at 8% per annum. Unless the Note is prepaid in cash with the approval of the Lender, the Lender has the right at its election upon maturity of the Note to convert all or part of the outstanding and unpaid Principal Sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Registrant. The Note may be converted to shares of Common Stock of the Registrant at a conversion price of 70% of the arithmetic average of the two (2) lowest VWAPs (volume weighted average price) of the shares of Common Stock during the twenty-five (25) consecutive Trading Day period immediately preceding the date of such conversion. No conversion can occur prior to 180 days from the Effective Date. In connection with this transaction, a commission has been paid to Carter Terry & Company, a registered broker-dealer, consisting of $4,000 in cash.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9933257

Bruce, that is just another in a long line of toxic financing notes that carry a 30% discount to the lowest two volume weighed averages in a 25 day window prior to calling the note for conversion.

That is a sweet financing deal, for the lender.