Seafarer Exploration Corp (SFRX)

[jrf30]

Gman,

Per the company, they have a pretty unique permit. It says that even before they get the salvage permit that they can bring stuff up and they are still entitled to 80% of the finds. Just like after they get the permit. I think the difference is that the 80% is designated for them but not divided until after they get that permit. but it is accruing for them, which is great.

Now, as to getting the permit. Again, their permit is different than most in the past. I think the government wanted to streamline. It says they need to find three shipwreck items (they had two as of the PR a long time ago. I'm assuming (A bad word, I know) that they have the third one by now. They then submit the three items, and it should take 30 - 60 days to convert their permit to a salvage one. that's the difference right there. Although in the past it was a totally different permit, theirs was written so it will just convert instead of a true new permit having to be issued again. MUCH faster. I think the same new type permit was used for another company recently that is working north of SFRX.

One point on the three items. They have to be shipwreck items. Nails from the ship. Planks from the ship. Other things from the ship. Not items carried ON the ship. So that belt buckle we saw? Would not count towards the three items. it could have been thrown overboard, or been from someone who fell overboard, in theory, so not a shipwreck item. Even silver or gold coins are not shipwreck proof items per the requirements of the three items needed, even though obviously they are shipwreck treasure. But, again, I think once they settled over that one specific area that they found a REASON to settle over that area, and that reason should have at LEAST given them the third item needed to start the process. So I think (All opinion now) the process has begun, and we are waiting for the conversion.

And as we wait, we can dig and extract and pull up and send in all we want, and still will get 80% of that amount once the permit has been modified.

That's the way I understand it at least. Hope I'm not wrong ...