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Trying to determine who Travis Snyder is. He has never been mentioned previously.
copy/pasted loi for additional 10%.... they can only pay for this with funding
LETTER OF INTENT BY AND BETWEEN SIERRA RESOURCE GROUP, INC. AND MEDINA PROPERTY GROUP, LLC. IN REGARDS TO THE PROPERTY KNOWN AS “CHLORIDE COPPER MINE” IN KINGMAN ARIZONA
When countersigned by each of the parties, this Letter of Intent outlines the general terms as of the 2nd day of February, 2012 for the agreement by and between SIERRA RESOURCE GROUP,INC., a Nevada Corporation, hereinafter referred to as (“SIRG”) and MEDINA PROPERTY GROUP, LLC, a limited liability company incorporated in Florida (hereinafter referred to as “MPG”)
It is intended that SIRG and MPG shall, subject to the terms set forth herein and in the “Definitive Agreement”, enter into the following terms regarding the Chloride Copper Mine, in Kingman Arizona:
WHEREAS, MPG is the owner of a 20% interest in The CHLORIDE COPPER MINE, a mining concession which lies approximately 24 km northwest of the City of Kingman, Arizona, and some 160 km (100 mi) southeast of Las Vegas, Nevada, or 275 km (172 mi) northwest of Phoenix, Arizona. The geographic coordinates of the property are 35° 21’ N Latitude and 114° 10’W Longitude (T22 and 23 and R 18). The Chloride Copper Mine copper deposit is situated within the Chloride Copper Mine Property, which includes 37 Unpatented Lode Mining Claims and 14 Mill-site Claims, covering a total area of approximately 178 ha.
AND WHEREAS “SIRG” would like to increase its interest ownership of the Chloride Copper mine to 90% interest in the “Chloride Copper Mine”, for development,
NOW THEREFORE, the Parties hereto hereby agree as follows:
I. Upon execution of this Letter of Intent, MPG hereby agrees to:
1.
Provide a good faith non refundable deposit of $13,000 representing 1% of the total purchase price.
2.
The parties will diligently and in good faith negotiate a definitive agreement (the "Definitive Agreement") incorporating the principal terms of the contemplated transaction as set forth herein and, in addition, such other terms and provisions of a more detailed nature as the parties may agree upon. In the Definitive Assignment Agreement, each of SIRG and MPG will make such representations and warranties are customary in transactions of this nature. All representations and warranties will survive the closing of the transactions contemplated herein and any and all investigations at any time made by or on behalf of the parties. The Definitive Agreement shall be completed and executed on or before March 19, 2012 (the “Closing Date”), unless both parties agree to an extension not to exceed 10 days.
3.
Certify the Certificate of Ownership, titles and other required information.
4.
Provide any and all documentation proving its compliance with the laws governing mining in Arizona and the United States of America.
II. TERMS OF AGREEMENT:
SIRG will pay the sum of $1,300,000 (ONE MILLION THREE HUNDRED THOUSAND USD) in the following manner:
1.
No less than $750,000 at closing in the form of a wire transfer to MPG’s assignees or designees.
2.
If amount at closing is less than $1,300,000 than the remaining balance shall be financed at an annual interest rate of ten percent (10%). Said amount will be amortized and paid monthly for a period of 12 months beginning after the Chloride Copper mine begins production. Production shall be defined as when the Chloride Copper mine has processed and output the first batch of copper that in that final form is eligible to be sold on the open market. If production does not begin until after 12 months from the execution of the definitive agreement then SIRG agrees to accrue a monthly payment penalty representing 10% of the monthly payment until payments begin.
3.
SIRG shall deliver a certificate(s) totaling 20,000,000 shares of Class A Common Stock of SIRG upon signing of a definitive purchase agreement to the assignees of MPG.
4.
MPG shall deliver Deed and Bill of Sale representing 50% of its interest in the Chloride Copper Mine.
-1-
III. MPG represents and warrants to SIRG that:
1.
The execution and performance of this Letter of Intent by MPG has been duly authorized by the general partner and limited partners of MPG.
2.
The performance by MPG of this Letter of Intent will not violate any applicable court decree, law or regulation, nor will it violate any provisions of the organizational documents of MPG or any contractual obligation by which MPG may be bound.
3.
MPG has the legal right to conduct exploration and development programs on the CHLORIDE COPPER MINE and has the right to mine and otherwise commercially exploit any minerals found on the CHLORIDE COPPER MINE.
4.
MPG will not exploit, commercialize, sell, or negotiate, during the duration of this Letter of Intent, the Chloride Copper Mine nor any of its assets.
Further representations and warranties shall be included in the Definitive Agreement.
IV. SIRG represents and warrants to MPG as follows:
1.
SIRG was validly incorporated and is currently in good standing pursuant to the relevant laws and regulations of the State of Delaware
2.
The execution and performance of this Letter of Intent by SIRG has been duly authorized by the management of SIRG.
3.
The performance by SIRG of this Letter of Intent will not violate any applicable court decree, law or regulation, nor will it violate any provisions of the organizational documents of SIRG or any contractual obligation by which SIRG may be bound.
Further representations and warranties shall be included in the Definitive Agreement.
V. Notices
All notices hereunder shall be in writing and addressed to the party at the address herein set forth, or at such other address as to which notice pursuant to this section may be given, and shall be given by personal delivery, by certified mail, Express Mail or by national or international courier.
Notices shall be addressed to MPG at:
Medina Property Group, Llc
8004 Northwest 154th Street
Miami Lakes, FL 33016
Notices shall be addressed to SIRG at:
Sierra Resource Group Inc.
9550 S. Eastern Ave.
Suite 253
Las Vegas, NV 89123
-2-
VI. Miscellaneous
This Agreement may be executed in multiple counterparts each of which shall be deemed an original, but all of which shall constitute one and the same instrument.
SIERRA RESOURCE GROUP, INC. MEDINA PROPERTY GROUP, LLC
By:____________________________ By: ____________________________
Timothy Benjamin, Chairman of the Board Jaime S. Gomez, Managing Member
I think it's all contained in there
I'll be excited by .035 and .35 and 3.50... :.)
Volume surge in one half hour after the 8K release shows a lot of people just waiting for any progress moving forward. Would have been nice to close at .0035 but we will get there.
$0.0029 130,700 OBB 15:48:59
$0.0029 19,300 OBB 15:48:58
$0.0030 100,000 OBB 15:46:32
$0.0031 145,000 OBB 15:43:34
$0.0035 100,000 OBB 15:42:55
$0.0035 249,000 OBB 15:41:50
$0.0034 250,000 OBB 15:41:49
$0.0034 270,000 OBB 15:40:44
$0.0030 474,000 OBB 15:40:42
$0.0030 67,100 OBB 15:40:42
$0.0030 200,000 OBB 15:40:36
$0.0030 76,000 OBB 15:40:30
$0.0030 5,000 OBB 15:40:15
$0.0030 200,000 OBB 15:39:11
$0.0030 200,000 OBB 15:39:09
$0.0025 54,000 OBB 15:38:27
$0.0025 63,000 OBB 15:38:01
$0.0025 212,036 OBB 15:37:58
$0.0025 300,000 OBB 15:35:48
$0.0020 150,000 OBB 09:45:00
$0.0020 5,000 OBB 09:40:56
Effective February 20, 2012 the board of directors approved the purchase of half of the minority interest in the Chloride Copper Mine from the Medina Property Group, LLC under the terms of a letter of intent. The execution of this transaction would increase the Company’s interests in the Chloride Copper Mine to 90%. The letter of intent is attached hereto as Exhibit 1.01 and is incorporated herein by reference.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On February 20, 2012 the board of directors approved and the Company has agreed to Consultant and Employment agreements with its Chairman of the Board-Timothy Benjamin, Chief Executive Officer-J. Rod Martin, Senior Vice President of Operations-Travis Snyder and Vice President of Exploration- Michel Rowland, respectively. The agreements are attached hereto as Exhibits 5.02 through 5.05 and are incorporated herein by reference.
This is great news and shows SIRG is definitely moving forward.
Does anyone have a link to the exhibits?
all of a sudden you can be whatever you want! i'm excited about the 8k. It's LONG, there's a lot of stuff in here. lots options being doled out but they have to have secured funding (or are insanely close). 5M shares traded hands at the end of the day.... we could have a HUGE day tomorrow.
I am lmcat - LMCAT
WOW, they're increasing to 90% interest in Chloride copper mine. and there are a ton of contracts. the company won't have the money to do this without funding...
also they are employing a Senior VP of operations.... um...um, am i the only one who can see that this basically means that a funding deal is in place or extremely close to being in place?!?!
anyone else out there?
WOW on the 8k that just posted... this is huge
ok i can't take it anymore, i gotta ask....
is it "i"mcat, or "L"mcat? Like "I'm Cat" or "LMCAT". It's been nagging at me that i can't properly process your screen name. lol
lmcat when this gets legs I have many a people that will be hearing about this.
I like the idea of the SIRGanistas forming a promo group so we can be ready to let the I-HUB community know when SIRG gets funded.
While sitting around the campfire having lunch, I came up with an idea that I think all of the SIRGanistas will love. We should form a promo company and call it FLUBBIES READY TO FLOP. Maybe I'll change my name to EquityBuzzard.
The dilution has been over for months. SIRG owns 80% of the Chloride Copper Mine.
Proof that SIRG is not a scam as you posted.
https://docs.google.com/viewer?a=v&pid=gmail&attid=0.1.1&thid=132403213c0d3aa6&mt=application/vnd.ms-powerpoint&url=https://mail.google.com/mail/u/0/?ui%3D2%26ik%3D95fdf6c35d%26view%3Datt%26th%3D132403213c0d3aa6%26attid%3D0.1.1%26disp%3Dsafe%26zw&sig=AHIEtbRhJJv0GYhPG6r0poHZ3WXwIknvUg&pli=1
$300 trade will not bring sirg down ,it is stronger than gea. by far stronger than the bashers ,stronger than any penny stock i have ever seen .go SIRG go baby. a strong team ,a strong stock we will prosper.when this stock hits big i think i will buy some new golf clubs .
What I found interesting was the post about SIRG's increased AS when the golf company has 2,970,000,000 AS! Now that is a joke.
https://wyobiz.wy.gov/Business/FilingDetails.aspx?FilingNum=2010-000589848
They post because they want to scare new ppl away. This board has been whittled down to serious longs who refused to budge. I will flip most companies if i even sniff scam, and i have never sniffed that here. I only pulled my position to trade in amr when they initially dropped which allowed me the beans to increase my position here even further. This company wont make me rich, but it will help me sleep better.
Why not post all the facts? SIRG OWNS 80% of a copper mine with over 27,000,000 lbs. of copper, proven and verified by 3rd party testing. That property has over $2,000,000 of existing infrastructure.
The existing buildings and leach pond can be see here:
https://docs.google.com/viewer?a=v&pid=gmail&attid=0.1.1&thid=132403213c0d3aa6&mt=application/vnd.ms-powerpoint&url=https://mail.google.com/mail/u/0/?ui%3D2%26ik%3D95fdf6c35d%26view%3Datt%26th%3D132403213c0d3aa6%26attid%3D0.1.1%26disp%3Dsafe%26zw&sig=AHIEtbRhJJv0GYhPG6r0poHZ3WXwIknvUg&pli=1
Always nice to have visitors at our little mining camp. Even if they are boring and never say anything new.
an amendment to our Articles of Incorporation increasing the shares of authorized common stock, par value $0.001 per share, from 460,000,000 to 1,500,000,000.
SIERRA RESOURCE GROUP, INC.
9550 S. Eastern Avenue, Suite 253
Las Vegas, Nevada 89123
DEFINITIVE INFORMATION STATEMENT
February 1, 2012
Enclosed please find an Information Statement providing information to you regarding actions taken by our Board of Directors and by stockholders holding more than a majority of our voting power to authorize:
(1)
an amendment to our Articles of Incorporation increasing the shares of authorized common stock, par value $0.001 per share, from 460,000,000 to 1,500,000,000.
These actions were approved by our Board of Directors and by approximately 65.2% of the outstanding shares of our Company entitled to vote, constituting the majority voting power necessary to approve these actions on December 28, 2011.
Nevada law and our Bylaws permit holders of a majority of the voting power to take stockholder action by majority written consent in lieu of a meeting of stockholders. Accordingly, we will not hold a meeting of our stockholders to consider or vote upon the foregoing actions as described in this Information Statement.
Your vote is not required to approve any of these actions, and the enclosed Information Statement is not a request for your vote or a proxy. We encourage you to read the attached Information Statement carefully, including the exhibits, for further information regarding these corporate actions which are going to be implemented by the Company. The accompanying Information Statement is furnished only to inform stockholders of the actions taken by written consent described above before they take effect in accordance with Rule 14c-2 promulgated under the Securities Exchange Act of 1934, as amended, which actions will be deemed ratified and effective at a date that is at least twenty (20) days after the date this Information Statement has been mailed or furnished to our stockholders.
This Information Statement is first being mailed on or about February 1, 2012 to all stockholders of record as of January 1, 2012 and we anticipate the effective date of the actions to be February 21, 2012, or as soon thereafter as practicable in accordance with applicable law.
WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
The accompanying Information Statement is for information purposes only. Please read the accompanying Information Statement carefully.
By Order of the Board of Directors
Very truly yours,
SIERRA RESOURCE GROUP, INC.
By: /s/ J. ROD MARTIN
Name: J. Rod Martin
Title: Chief Executive Officer
-2-
I'm not even going to bother deleting the bashing posts.
Their ridiculousness speaks volumes.
Go SIRG.
its funny when you guys show up, the stock goes up ,what do you know we dont know ,i know this stock is going to fly ,1.5 billion all the more for me to buy ,im afraid you might not be able to manipulate this one ,strong wise investors here only ,the pumpers and bashers have not shown up YET ,sirg is a great position to own ,go SIRG go,its coming
COPPER ALL TIME HIGH...WELL SIRG HAS NO MINING OF COPPER...GOOD TO KNOW THO.
.002...DILUTION COMING .000 INEVITABLE...NO FUNDING NO MINING...SCAM.
ONCE THEY HIT .000 FOR SURE IN THE DEFUNCT SO CALLED MINE.
1.5 BILLION NEW SHARES...COMING YOUR WAY.
from their 10k:
We have cash requirements for ongoing operating expenses, capital expenditures, working capital, and general corporate purposes, which we may be unable to obtain.
Accordingly, our stockholders may not be able to realize a fair price from their shares when they determine to sell them or may have to hold them for a substantial period of time until the market for our common stock improves.
THIS POS IS GOING TO .0015 TODAY...TOXIC DUMPING.
WATCH OUT!!! from their last 10-Q.
The accompanying condensed financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At September 30, 2011, we had an accumulated deficit of $10,419,065 and a working capital deficit of approximately $1,523,209. During the nine months ended September 30, 2011, we incurred a loss of $1,891,627. We had no significant revenues or earnings from operations. We will in all likelihood sustain operating expense without corresponding revenues. This may result in us incurring a net operating loss, which will increase continuously unless and until we can achieve meaningful revenues.
No revenues. No audited fins, see 10-Q for details of toxic financing!
They lost more per share then the shares are worth.
This is why SIRG going down in pps.
A/S increased with 1.5 billion , watch out for heavy dilution here..
Copper prices to remain high in 2012
Despite some price retracing in 2011, the copper physical market fundamentals remain strong; with liquid stocks near an all-time low. China’s growth will continue to underpin copper’s performance although it may not be the “market saviour” that it was in 2009. In the longer term, according to Intierra Resource Intelligence, increased mine supply will temporarily overwhelm the market. This will create a dip in the price of copper from 2014 to 2017 followed by a recovery in the last part of the decade. Production costs will become more of a factor in determining the price of copper and these costs are higher than in the past.
Intierra’s Executive Director, Glen Jones, will present Copper: Market Dynamics and the Exploration Pipeline at the PDAC 2012 Conference in Toronto, Canada on Sunday March 4 at 2:15 pm. This talk is part of the Commodities and Market Outlook session.
The PDAC four-day annual Convention held in Toronto, Canada has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world’s mineral industry. In addition to meeting over 1,000 exhibitors and 27,000 attendees from 120 countries, it allows the opportunity to attend technical sessions, short courses, the Prospector’s Tent, the Core Shack as well as social and networking events.
http://www.im-mining.com/2012/02/24/copper-prices-to-remain-high-in-2012/?utm_source=digest-en-mining-120227&utm_medium=email&utm_campaign=digest
chris12, you need to be up and at the mine early. I hate having to rally the troops all by myself every morning. These late appearances of yours just won't cut it.
you never know what tomorrow brings,you might be right but i have a gut feeling its going to happen soon very soon ,prove them wrong rod ,the people that have had patience and confidence will be rewarded large . just a matter of time .copper head row .Steve earl .
I agree but figured it wouldn't hurt to pass along a possibility. I know there are not a lot of companies that specialize in the kind of funding he wants.
If we have to do our CEO's work for him, we are in big trouble. At this point it would seem as if finding funding would be about the only job he has for SIRG. Still nothing...
That sounds just like what he/we need. Hope he takes a good long look.
Maybe everyone should start digging and find companies/trusts/hedge funds, etc. that finance mining operations based on assets and not shares.
I found Red Kite and sent it to Rod last week.
http://moneytometal.org/index.php/Red_Kite_Explorer_Fund_Ltd
Red Kite Explorer Fund Ltd is operated by RK Capital Partners LLP (qv). It provides mining companies with project financing and metal offtake agreements which facilitate their initiating, or expanding mine production. All such transactions enable the Fund to purchase a mine's future metal production.
Good morning mining campers. A new week is on us so it's time to crawl out of the rack, grab your shovel, and head for the hole. I dreamed of seeing migrating wildebebeest last night and the only way that dream can come true is if we all get to work and dig. So forget the hardtack and sow belly breakfast, we can have brunch later, and let's get to moving!
And remember, you have a dream too and SIRG is going to be the instrument that makes some of your dreams come true.
'seeclear' ..
Thanks Folks... but I did a little DD and figured it out...SC
'joseytheoutlawwales' ..... General question to the longs on this board ...AS to what was the assessment of the drop from .60 to sub penny...??? ...SC ps..Please excuse my laziness...TIA...
Usually, when there's a lot of "finger flopping" taking place on an IHUB board on a weekend, it means a stock has "arrived". Maybe our time is near.
Welcome aboard SC
Sierra Resource Group Power Point Presentation
https://docs.google.com/viewer?a=v&pid=gmail&attid=0.1.1&thid=132403213c0d3aa6&mt=application/vnd.ms-powerpoint&url=https://mail.google.com/mail/u/0/?ui%3D2%26ik%3D95fdf6c35d%26view%3Datt%26th%3D132403213c0d3aa6%26attid%3D0.1.1%26disp%3Dsafe%26zw&sig=AHIEtbRhJJv0GYhPG6r0poHZ3WXwIknvUg&pli=1
The time is coming soon for that Seeclear.
And welcome to SIRG.
'lmcat' ...SIRG...You can be assured of that ..As I watch level II... I know I am one of the most agressive ask smackers out there when the time is right ...SC
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