North Bay Resources Inc. (OTC:NBRI) is launching a private placement offering with a structure that includes both equity and a physical gold component.
The offering consists of units priced at $0.001 per unit, each comprising 60% common shares in North Bay and 40% in physical gold from the company’s own production.
A $10,000 investment would yield 10 million shares and 1.3 ounces of gold, the company said.
Gross proceeds could reach up to $1 million if the offering is fully subscribed, giving the company an estimated post-closing valuation of $5.5 million.
Funds raised will primarily be directed toward working capital, with a focus on gold production activities.
The offering is expected to close by the end of July.
North Bay owns and operates several projects, including a 70% stake in the 96-ton-per-day Bishop Gold Mill in Bishop, California. Its exploration portfolio also includes the Fran Gold (50%), Murex Copper-Gold (100%), Copper Island (100%), and Tulameen Platinum (100%) projects.
At the Fran Gold Project, the company recently identified a bulk tonnage deposit with an associated resource estimate. In response, North Bay has adopted a two-pronged development approach: leveraging existing stockpiles and a high-grade surface oxide zone—reported to yield consistent grades of 0.5 ounce per ton—as feedstock for the Bishop Gold Mill, while simultaneously expanding exploration to delineate the broader mineralized zone.