North Bay Resources, Inc. (OTCPK:NBRI) announced that it has received $125,000 in funding from RLS Premiere Financial LLC on August 7, 2014. The company issued a convertible promissory note in the transaction. The note carry a fixed rate of interest of 5% per annum and would mature on 12 months from closing. The company has received an initial tranche of $20,000. The company retains the option of pre-paying the note at an amount equal to 135% of the outstanding principal and the accrued and unpaid interest. If the note is not repaid in cash within 180 days, the investor has the right to convert all or part of the outstanding and unpaid prinicipal sum and accrued interest into shares of fully paid and non-assessable shares of common stock of the company. The conversion price is at a 20% discount to te average of he two lowest volume weighted average prices on the previous fifteen trading days prior to the date of conversion.

On August 7, 2014, North Bay Resources, Inc. closed the transaction.