SKIPPACK, PA — North Bay Resources Inc. (OTC: NBRI), a prominent name in the mining industry, has announced a major leadership change. The Board of Directors has appointed Jared Lazerson as the new CEO and Director of the company, replacing Perry Leopold. Mr. Leopold will continue to serve as a Director.
Mr. Lazerson brings with him a wealth of experience from his 25-year-long career in mineral exploration and technology industries. He is a recognized figure in the industry, having served as the CEO of MGX Minerals from 2014 to 2020. During his tenure at MGX, Mr. Lazerson successfully raised $60 million and oversaw various investments and acquisitions in strategic, industrial, and precious metals and clean and renewable energy technologies. His accomplishments earned him the Standard & Poors Global – Platts Metals Award for Leadership in Base and Specialty Metals in 2018.
The appointment of Mr. Lazerson, who holds a BA in International Relations from the University of Pennsylvania, is expected to bring a new dynamism to North Bay Resources. His extensive experience in managing advanced and exploration stage projects across gold, copper, and nickel globally will undoubtedly be a valuable asset to the company.
In addition to this important executive move, North Bay Resources also announced that a majority of its shareholders (80%) have approved a share restructuring. This involves a consolidation of common shares up to 1 new common share for every 500 existing common shares. The final decision on the ratio will be made by the management based on factors like financing, uplisting to the OTXQB/QX or NASDAQ exchanges, and regulatory input. However, the consolidation does not affect preferred shares or convertible instruments at this time and requires regulatory approval.
North Bay Resources also approved options under its Employee Incentive Option Plan. Mr. Lazerson, as the new CEO, has been issued the right to acquire up to 10% of the issued and outstanding shares of the company at a price of $0.0002 (February 14th, 2024 closing price). This totals 496,812,596 share purchase options valid for a period of three years, which will vest immediately. His annual compensation as CEO/Director is $180,000, with options-based compensation, using the Black-Scholes model, valued at $64,500.
With these significant changes in leadership and share structure, North Bay Resources Inc. continues to position itself for future growth and success in the mining industry.
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