North Bay Resources (OTC:NBRI) is undertaking a private placement aiming to raise US$1 million ($1.53 million). The funds are earmarked for bolstering working capital, specifically to support gold production at the company’s assets located in California, United States. North Bay Resources is a gold-focused company that owns and operates the 96-tonne-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.
The offering comprises units consisting of 60 per cent common North Bay shares and 40 per cent physical gold sourced from production. Each unit is priced at US$0.001, translating to 10 million shares and 1.3 ounces of gold for every US$10,000 invested. North Bay Resources has noted that should the placement be fully subscribed, the company’s post-closing valuation would reach US$5.5 million.
In late June 2025, North Bay Resources achieved continuous operations at its Bishop facility following upgrades conducted in April and May. These upgrades enabled the facility to operate for up to nine hours daily. The company had processed the remaining stockpiled gold ore, culminating in a 543-pound shipment of gold concentrate dispatched to its refinery partner.
The capital raising is expected to close on or before 31 July 2025. Gold’s price sat at $4,993.20 per ounce at 8.30am AEST today (30 June), as reported by the ABC Bullion.