Document:

ex10-2.htm

 

Exhibit 10.2

 

RUBY DEVELOPMENT COMPANY

P.O. Box 1241

Grass Valley, CA  95945

March 19, 2013

Perry Leopold, CEO

North Bay Resources Inc.

P.O. Box 162

Skippack, PA  19474

Modification and Extension Agreement

Dear Perry,

This letter is to formalize certain modifications in the note payable to Ruby Development Company ("RDC") by North Bay Resources ("NBRI").

The Parties hereby agree that the due date of the note, currently due on June 30, 2013, is extended as provided herein, and that the Parties are adjusting the sale price for the property represented by the note payable by NBRI to RDC and modifying the terms of the note as follows:

1.The interest rate on the note is increased to SIX PERCENT (6%) on April 1, 2013;

2.The monthly payments on the note are increased to FIFTEEN THOUSAND DOLLARS ($15,000.00) principal and interest for each of the three payments due and payable on April 1, 2013, May 1, 2013, and June 1, 2013;

3.The price and remaining balance of the note are increased by ONE HUNDRED SIXTY THOUSAND DOLLARS ($160,000.00) on April 1, 2013;

4.The monthly payments on the note are increased to TWENTY THOUSAND DOLLARS ($20,000.00) principal and interest beginning with the payment due and payable on July 1, 2013, and continuing thereafter;

5. In addition to the regular payments on the note provided herein, NBRI shall pay RDC a payment on the note in the amount of ONE MILLION DOLLARS ($1,000,000.00) on or before December 30, 2013;

6.NBRI shall pay to RDC FORTY PERCENT (40%) of any and all EB-5 related funds received by NBRI until the unpaid balance of the note is paid in full.  Such payments made to RDC shall be applied toward the note, and, if received by RDC in 2013, shall be credited toward the payment provided in Paragraph 5 above;

 

  

  

  

7. The interest rate on the note shall be increased to EIGHT PERCENT (8%) on January 1, 2015; and,

8. The remaining unpaid balance of the note shall be due and payable in full on or before December 30, 2015.

Yours truly,

RUBY DEVELOPMENT COMPANY

By:           /s/ W.R. Frederking                                          

W. R. “Rick” Frederking, Partner

Acknowledged and Agreed this 28th day of March, 2013:

North Bay Resources, Inc.

By:           /s/ Perry Leopold                                              

Perry Leopold, President and CEOex10-3.htm

Exhibit 10.3

 

 

SECURITIES PURCHASE AGREEMENT

AMENDMENT NO. 2

This Amendment (the “Amendment”) to the Securities Purchase Agreement (the “Securities Purchase Agreement”, or the "Agreement") dated as of the 7th day of October, 2009, as amended, between TANGIERS INVESTORS, LP, a limited partnership (the “Investor”), and NORTH BAY RESOURCES INC., a corporation organized and existing under the laws of the State of Delaware (the “Company”), is entered into as of this 28th day of March, 2013, with an agreed Effective Date of January 24, 2013.

 

 

WHEREAS, the Company and the Investor wish to amend the Agreement under the terms and subject to the conditions set forth in this Amendment and the Securities Purchase Agreement as if set forth herein;

In consideration of the mutual promises contained herein, the parties agree as follows:

 

 

1. Amendment.

1.1 The second paragraph of the preamble to the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

"WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, as provided herein, and the Investor shall purchase from the Company, up to Ten Million Dollars ($10,000,000) of the Company’s common stock, par value $0.001 per share (the “Common Stock”); and"

1.2 Section 1.7 of the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

Section 1.7. “Commitment Amount” shall mean the aggregate amount of up to Ten Million Dollars ($10,000,000) which the Investor has agreed to provide to the Company in order to purchase the Company’s Common Stock pursuant to the terms and conditions of this Agreement.

1.3 Section 1.8 of the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

Section 1.8. “Commitment Period” shall mean the period commencing on the Effective Date, and expiring on the earliest to occur of (x) the date on which the Investor shall have made payment of Advances pursuant to this Agreement in the aggregate amount of the Commitment Amount, (y) the date this Agreement is terminated pursuant to Section 10.2 or (z) the date occurring sixty (60) months after the Effective Date.

  

  

  

1.4 Section 1.16 of the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

Section 1.16. “Maximum Advance Amount”  The dollar amount of each Advance will be based upon the average daily trading volume in dollar amount during the ten (10) trading days preceding the Advance Date (the “Base Amount”).  The Investor shall have the option to decline any Advance Notice that exceeds 300% of the Base Amount.  Notwithstanding the foregoing no Advance will be made in an amount lower than the Minimum Advance Amount (defined below) or higher than Two Hundred and Fifty Thousand Dollars ($250,000).

1.5 Section 1.17 of the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

Section 1.17.  “Minimum Advance Amount” shall be Ten Thousand Dollars ($10,000) per Advance Notice.  In the event the Base Amount (as defined in Section 1.22) is less than the Minimum Amount, the Base Amount shall equal the Minimum Amount.

1.6 Section 1.22 of the Securities Purchase Agreement is hereby amended and restated in its entirety as set forth below:

Section 1.22. “Purchase Price” shall be set at (a) ninety percent (90%) of the Market Price during the Pricing Period for up to 100% of the Base Amount (as defined in Section 1.16), (b) eighty two and a half percent (82.5%) of the Market Price during the Pricing Period for any shares in excess of 100% and less than or equal to 200% of the Base Amount, and (c) seventy five percent (75%) of the Market Price during the Pricing Period for any shares in excess of 200% of the Base Amount.

2. General Provisions.

2.1 Except as defined herein, all defined terms used herein shall have the meaning set forth in the Securities Purchase Agreement

2.2 The captions to the paragraphs/sections in this Amendment are not a part of this Amendment or the Securities Purchase Agreement, and are included merely for convenience of reference only and shall not affect its meaning or interpretation.

2.3 This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

  

  

  

 

2.4 Company and Investor confirm and acknowledge that the Securities Purchase Agreement is in full force and effect, that there have been no uncured events of breach to date, and that each represents and warrants to the other that they are in material compliance with the Securities Purchase Agreement. Except for the changes made by this Amendment to the Securities Purchase Agreement, the Securities Purchase Agreement remains in full force and effect without modification. All references to the Agreement in the Securities Purchase Agreement mean the Securities Purchase Agreement as amended hereby.

[Remainder of Page Intentionally Left Blank]

 

 

  

  

  

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IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment to the Agreement as of this 28th day of March, 2013.

 

Tangiers Investors, LP

 

By:  /s/ Michael Sobeck                     

       Name: Michael Sobeck

       Title:   Managing Member of the General Partner, Tangiers Capital, LLC

 

 

North Bay Resources Inc.

 

 

By: /s/ Perry Leopold                         

       Name: Perry Leopold

       Title:   CEOex10-1.htm

 

EXHIBIT 10.1

 

Management Agreement

This Agreement is made and effective this first day of January 2013, between Texas Vanguard Oil Company, and Robert Watson, Inc., and shall continue until one year, unless sooner renewed or terminated.

Witnesseth

WHEREAS, Robert Watson, Inc. is an affiliate and major shareholder of Texas Vanguard Oil Company; and

 

WHEREAS, Texas Vanguard Oil Company (“TVOC”) desires to obtain certain services from Robert Watson, Inc. and Robert Watson, Inc. is willing to make such services available to TVO;

 

NOW THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties agree as follows:

1.  Commencing on the date of this agreement and until this agreement is terminated pursuant to Section 3 hereof, Robert Watson, Inc. will provide or otherwise make available to TVOC general corporate management and will charge TVOC, thereafter the sum of $22,500.00 per month payable on the first day of each month.  It is understood that the services rendered by Robert Watson, Inc. under the Agreement shall be advisory and consultative in nature.  The monthly service fee represents indirect charges and all other charges directly attributed to TVOC shall be deemed direct charges and are payable by TVOC in addition to the monthly service fee.

2.  In performing these services, the officers, employees, agents and assignees of Robert Watson, Inc., act solely in the capacity of independent contractors, but agree to be bound by TVOC’s statement of policy and conflict of interests.

3.  Either party, (TVOC or Robert Watson, Inc.) has the right to terminate this Agreement at any time upon not less than thirty (30) days prior written notice.

4.  Until this Agreement is terminated pursuant to Section 3 hereof, the $22,500.00 monthly charge provided for in Section 1 hereof will be subject to review at any time and from time to time upon the written request of either party to the other, and upon such request, appropriate and reasonable adjustments in such monthly charge will be made and in the light of all relevant factors then existing in order to cover the services reasonably expected to be rendered thereafter.

5.  Nothing contained herein shall be construed to relieve the directors and officers of TVOC from the performance of their respective duties or to limit the exercise of their powers in accordance with the certificate of incorporation or by-laws of TVOC, any applicable provisions of Texas or Federal law, or otherwise.

6.  This Agreement shall not be assignable except with the prior written consent of each of the parties hereto, provided, however, that such consent shall not be required with respect to any transfer or assignment to any corporation succeeding TVOC by merger, consolidation or acquisition of all or substantially all the assets of TVOC.

  

  

  

 

IN WITNESS WHEREOF, the parties hereby have executed this Agreement on the date first written above.

By: /s/  William G. Watson

William G. Watson

President

Texas Vanguard Oil Company

ATTEST:

/s/ Teresa Nuckols

Teresa Nuckols

Secretary

By:  /s/ Linda R. Watson

Linda R. Watson

President, Robert Watson, Inc.

ATTEST:

/s/ Mark Ekrut

Mark Ekrut

Secretary

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