North Bay Resources (OTC:NBRI) is conducting a private placement to raise US$1 million ($1.53 million) to fund working capital, specifically gold production at its assets in California, US.
The offering is for a unit comprising 60% common North Bay shares and 40% of physical gold from production. Each unit has an issue price of US$0.001 — which equates to 10 million shares and 1.3 ounces of gold per US$10,000 investment.
North Bay notes that if fully subscribed, the post-closing valuation of the company will be US$5.5 million.
The capital raise is expected to close on or before 31 July 2025.
On 26 June 2025, the company had achieved continuous operations at Bishop following upgrades in April and May. As a result, the facility was able to run up to nine hours per day.
The remaining stockpiled gold ore has been processed, which resulted in a 543-pound shipment of gold concentrate to its refinery partner.
North Bay Resources is a gold-focused company that owns and operates the 96 tonnes per day Bishop Gold Mill in California and the Fran, Murex, Copper Island and Tulameen projects.
The company’s projects are considered prospective for gold, copper, and platinum group metals..
According to Trading Economics, gold’s price fell to US$3,261.41 per ounce on 29 June — representing a 0.37% decrease from the previous day. Throughout the past year, gold’s price has fallen 0.85%, yet is still 39.84% higher than a year ago.
Gold’s price sat at $4,993.20 per ounce at 8.30am AEST today (30 June), as reported by the ABC Bullion.
Write to Aaliyah Rogan at Mining.com.au
Images: North Bay Resources
