Replies to post #93271 on North Bay Resources Inc (NBRI)

[Huggy Bear]

Again, you are quite mistaken. Perhaps ask Perry?

[1manband]

No, it is all the notes. Read the agreement:

"the term “Conversion Price” as such term is used in the Notes and is applied to the first principal amount of $100,000 of any of the Notes that the Secured Party elects to convert into shares of the Debtor’s common stock following the date hereof, is hereby amended as follows:"

Again, "any of the notes which the secured part elects to convert into shares". ANY of the NINE NOTES.

If it was what you are claiming, it would have been written very differently. It would have said a principal amount of $100,000 of the total principal amount outstanding. Instead, it is $100K of each note.

Regardless, you are still incorrect as the remaining balances under the notes are still convertible. That makes the entire amount of $1.8 million convertible debt regardless. Not that it really matters much, as NBRI is just about dead. The toxic death spiral note holders as a group will be very lucky to be able to squeeze another $50-$100K out of this zombie before the stock is completely dead.