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The problem I see with this statement is that there has not been any indications of non-toxic funding. The terms on their notes keep getting worse. SIRG's interest rates have increased from 8% to 12%-15%, and the length of the notes have decreased from 1 year to 6 months. That is a clear indication that investors have placed SIRG in a higher risk category. That isn't good IMO.
Since bringing the mine into production is dependent on securing $4,218,829 to $6,741,537 in funding, I'm not sure they will succeed. JMHO
so close to funding and production
I'm definitely looking forward to that meeting!
I would have to say that an O/S increase of 128,816,283 shares in 6 months is a large amount of dilution.
Five months later and no massive dilution as was claimed!
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 13, 2012 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of January 7, 2013.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on February 29, 2012 in the amount of $30,000. The note has an interest rate of 8% with the maturity date of February 23, 2013.
It's nice to see the steady accumulation! This is still an excellent entry point for TUFF IMO.
The give it your best shot entries have been updated for the week!
It's nice to see you here CopperRocks!!! I too believe that the risk is worth the reward.
Two tiny EOD paints, 5,000 and 2,500, to even get it to close at 0.008pps. Lol...
Also, did you notice that their operating expenses went up in this 10Q? Their operating expenses were $326,004 for Q2. That is $108,668/ month!!!! That sure adds up quick!
I think the point is that J. Rod and the BOD have been closely associated with Emmas. It is a credibility issue. Just put a little thought into it and you will get it.
Even Asher will only give SIRG small convertible notes. Kind of sad really...
There is a connection between Emmas and the SIRG CEO and BOD! That has been shown in a previous post. Please take the time to look it up!
Do the math? You mean like adding three extra zeros???
Read the filings and do the math!
Instead he was suspended for 2 years for FRAUD!!!
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
Accordingly, it is hereby ORDERED, effective immediately, that Emas is suspended from appearing or practicing before the Commission as an attorney. After two years from the date of this Order, Emas has the right to apply for reinstatement.
Emas was also ordered to pay disgorgement of $135,782, together with prejudgment interest of $27,301, and a $15,000 civil monetary penalty.
The Commission’s complaint alleged that Emas (1) drafted and filed two post-effective amendments and a supporting legal opinion that he knew or should have known contained false statements concerning the registration of millions of shares of World Health stock; and (2) sold World Health securities when no registration statement was filed or in effect and no exemption from registration applied.
Agreed!
You would think the CEO would correct the problem, regardless of if him or Arizona SOS that has made the mistake. If he was concerned about the shareholders, he would do something to fix the problem!!!
REGARDLESS OF IF HE IS CURRENTLY OR WAS ON THE BOD IN THE PAST, THE CONNECTION STILL EXISTS!!!
I see that the Nevada SOS still has him listed as Treasurer, just like they still have the A/S at 1.49B! I guess it takes SIRG at least 6 months to correct things?!?!
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
Hopefully, they will be made public in a timely manner. For now, I'm still confident in my investment!!!
An A/S increase is highly likely!!! They already approved an A/S increase to 1.5B earlier this year. The only reason it was withdrawn is because they failed to follow the state laws. However the reasons for that attempted A/S increase still exist.
http://quotemedia.10kwizard.com/download.php?ipage=8035402&action=PDF&src=quotemedia&msrc=68a2dcc319463f7fa6367eee2437b37d
Reasons for the Increase in Authorized Common Stock
The Company has entered into a series of agreements with Asher Enterprises Inc. (the “Asher Agreements”), to provide
working capital for the Company’s operations while the Company raises a higher amount needed to re-open operations at the Chloride
Copper Mine. These agreements were previously disclosed in the Company’s filings with the Securities and Exchange Commission on
April 15, 2011, August 15, 2011and November 16, 2011. The Asher Agreements require, among other things, that the Company
maintain a reserve of authorized but unissued Class A Common Stock (the “Reserve Shares”) in an amount 5-times the number of
shares into which the outstanding debt of the Company to Asher Enterprises is convertible (the “Conversion Shares”). With the recent
share price drop that the Company has experienced, the number of Conversion Shares has increased and the number of required
Reserve Shares increased proportionately. As a result, the number of required Reserve Shares exceeded the number of authorized but
unissued shares of the Company’s Class A Common Stock, and the Company became noncompliant with the contractual requirement.
The increase in the number of authorized but unissued shares of Class A Common Stock will both (i) place the Company back into
compliance with the contractual requirements and (ii) enable the Company to borrow further amounts from Asher Enterprises for short
term working capital to keep the Company operating while efforts continue to raise sufficient funds to re-start mining operations at the
Chloride Copper Mine.
We would all like to see the sample reports, but the important thing is that GDSM is still progressing! They have chosen to divert their focus to the new mine. They feel that this mine can be brought into production much quicker than the Gold Star, and I would hope that they would focus on the mine that can produce the quickest. JMHO
GOOD MORNING Salty!!! I always enjoy sharing my SIRG DD!
It seems like the ties actually go a little deeper than I realized! I guess the Brampton Crest International Inc. guys stayed together. Both the Principal Executive Officer and the Chief Financial Officer from Brampton now serve on the BOD for SIRG, and one is the CEO for SIRG. It's possible that the only reason Joseph I. Emas isn't on the SIRG BOD is because he was the only one that got caught IMO.
Please note the CFO Brad Hacker in this link. He's also a treasurer in SIRG:
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=4759136-55375-56712&SessionID=iZ6TFvrxjHjFZP7
BRAMPTON CREST INTERNATIONAL INC.
Date: November 13, 2006 By: /s/ J. Rod Martin
--------------------------------------
J. Rod Martin
President, Principal Executive Officer
Date: November 13, 2006 By: /s/ Brad Hacker
--------------------------------------
Brad Hacker
Chief Financial Officer
Nev sos for Sierra Resources:
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
Treasurer - BRAD HACKER
Address 1: 9550 S EASTERN AVE Address 2: SUITE 253
City: LAS VEGAS State: NV
Zip Code: 89123 Country: USA
Status: Active
Joseph I Emas may not have a direct connection to SIRG, but he most definitely has history with J. Rod Martin. They were both elected to the BOD of BRAMPTON CREST INTERNATIONAL INC in 2006. Didn't that company go bankrupt?? Go figure...
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=4759136-55375-56712&SessionID=iZ6TFvrxjHjFZP7
It also includes the fact that 200,000,000 Class B shares were authorized. What are those going to be used for? There is also the fact that they gave Asher shares at 0.001 PPS. (18,278,943 shares / $18,759 = 0.0010 PPS) Yes, it is great that they let potential investors know these things before they jump on in!
From the looks of trading today, you may be the only one.
Looks like I will need to sell some other stocks to buy more SIRG now that the Chill is gone!
When he does release PRs they contain very little information. One was comprised of 3-4 sentences of new info. Lol...
we all know that SIRG has a CEO who very rarely releases PRs.
I'm definitely looking forward to the shareholder meeting! I may just have to attend that meeting.
All good things take time!
Warmy's last post confirms that they have already started to issue shares to the toxic financing companies. An increase of 12,212,798 since June 30,2012. They are still DILUTING due to the TOXIC FINANCING!!!
I also confirmed the current O/S and A/S:
A/S is still at 440,000,000
O/S stands at 347,833,085
I just tried to place an order for SIRG through TDA. Here's what it says:
"order cannot be processed due to a DTC chill restricting the ability to transfer a security and settle the trade."
It looks like the "Chill" is still in place.
The notes can be converted 180 days after they are issued. Thus, both of the Asher notes can be converted at any time now!
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest
three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
They are taking notes at a higher interest rate, 12-15%, and the length of the notes have substantially decreased from 1 year to 6 month. That tells me that the financing companies are viewing SIRG as a higher risk than they were a year ago. Could that be because instead of paying off their debt, they choose to not acknowledge it and call it forgiven???
Seeing as they did have a source of revenue at the time unlike Medina and SIRG, if they would have thought it was worth their time, I'm sure they would have purchased it.
That's awfully odd isn't it??? I sure wonder why they decided it wasn't worth the small amount of money, $360K, to acquire such a massive amount of copper.
The Chloride Copper Mine is of utmost importance to this board, being that it is the sole asset of SIRG, and that makes the companies that could have purchased the mine but chose not to relevant. The fact that they had an established mine across the street and still opted not to purchase the Copper Chloride Mine for $360K, makes one question the worth of the mine. There is also the fact that numerous companies failed to bring the mine into production.
I still don't understand why Mercator didn't purchase this mine if there is that much money to be made, being that it is right next door to the Chloride Copper Mine for a measly $360k.
http://www.mercatorminerals.com/s/Home.asp
Without any revenue, there is no option but to convert the notes. That is exactly what they have done up to this point, and I don't foresee that changing in the near future.
LOL... SIRG decided to not acknowledge debt and call it forgiven. That is comical at best. I wish I could choose to not acknowledge debt and call it forgiven without legal consequences. The luxury of being a company...
They are actually still on the DTC "Chill" list as of today.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78770658
With the lack of bid support, they will likely have to do an A/S increase to have enough shares to dilute. They already approved an A/S increase to 1.5B the first time. I'm sure they will follow the state laws this time around to assure it is properly handled.
The length of their notes is getting shorter, because they are considered a higher risk at this time. When they have to renegotiate their notes constantly, that's what happens. They end up with higher interest rates as well! Not a good thing IMO!