North Bay Resources Expands to 70% Stake in Bishop Gold Mill

Deal News | Jan 21, 2025 | Globenewswire

North Bay Resources Expands to 70% Stake in Bishop Gold Mill

North Bay Resources Inc. has announced an agreement to acquire a substantial additional interest in the Bishop Gold Mill located north of Bishop, California. Under the agreement, North Bay will increase its stake from the current holding to a total of 70% by purchasing an additional 14.5% from 0877887 BC Ltd., a company whose primary asset is the gold mill. The deal involves both cash and share payments to CMC Metals Ltd., the note holder and a minority partner in terms of debt, and to 1436132 BC Ltd., the minority owner of 0877887 BC Ltd. The agreement stipulates a series of payments totaling $162,500 and $200,000 CAD worth of North Bay's common shares. Upon completion, CMC Metals Ltd. will relinquish any security interest in the mill, solidifying North Bay's status as the operator. Additionally, media service agreements have been outlined, including with the Investing News Network and the Sabean Group, which have been adjusted for 2025.

Sectors

  • Mining and Mineral Extraction
  • Financial Services
  • Media and Public Relations

Geography

  • United States – The Bishop Gold Mill in California, where the transaction is focused, is located in the United States.
  • Canada – Involves Canadian companies (CMC Metals Ltd. and 1436132 BC Ltd.) in this transaction, as North Bay Resources is dealing with Canadian entities.

Industry

  • Mining and Mineral Extraction – This sector pertains to entities involved in the extraction of gold and other precious metals, which is the primary focus of North Bay Resources' acquisition of the Bishop Gold Mill.
  • Financial Services – Involves companies offering financial dealings, such as those seen in share purchase agreements and financial investments represented by North Bay Resources' transactions.
  • Media and Public Relations – Since North Bay Resources has agreements in media services, this sector is relevant concerning the company's efforts to manage communications and public image.

Financials

  • $12,500 – Initial cash payment on signing for the acquisition of additional interest in Bishop Gold Mill.
  • $12,500 – Cash payment due on February 15, 2025, as part of the acquisition.
  • $12,500 – Cash payment due on April 1, 2025, as part of the acquisition.
  • $50,000 – Cash payment due on July 7, 2025, as part of the acquisition.
  • $25,000 – Cash payment due on August 15, 2025, as part of the acquisition.
  • $50,000 – Final cash payment due on September 25, 2025, for the completion of acquisition terms.
  • $200,000 CAD – Value of North Bay's common shares delivered as part of the acquisition agreement.

Participants

NameRoleTypeDescription
North Bay Resources Inc.Acquiring CompanyCompanyA mining company focused on acquiring additional interests in the Bishop Gold Mill.
CMC Metals Ltd.Note HolderCompanyA Canadian company that holds a security interest in the Bishop Gold Mill and is involved in the transaction with North Bay Resources.
1436132 BC Ltd.Minority OwnerCompanyA private Canadian company that currently holds a minority interest in 0877887 BC Ltd., the owner of Bishop Gold Mill.
Jared LazersonCEOPersonThe CEO of North Bay Resources, who is also a shareholder in 1436132 BC Ltd.
0877887 BC Ltd.Target CompanyCompanyThe entity whose primary asset is the Bishop Gold Mill and in which North Bay Resources is increasing its ownership.
Investing News NetworkMedia ServicesCompanyProvides media services to North Bay Resources as part of their corporate communication strategy.
Sabean GroupMedia ServicesCompanyProvides amended media services to North Bay Resources.