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It looks like the shares are owned by 5277 Partners, LLc, but the voting power was given to Martin.
Martin is an owner and officer/director with voting and investment power over shares of the 5277 Partners, LLc. (the “Company”) The shares are owned in the name of 5277 Partners, LLc.
Once again, could you please provide the document that states that???
They couldn't possibly be more vague! Nothing but fluff IMO.
What we do know is that they already attempted to increase the A/S to 1.5B because they weren't in compliance with the terms of the Asher notes. This A/S increase failed because of a technicality. With no funding secured, they will have no choice but to continue using Asher or other TOXIC FINANCING companies to fund their operations. That means they will have to keep more shares on reserve, and soon they won't have enough to meet the Asher terms yet again. Their only choice at that time will be to increase the A/S. They will not fail this time around!
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.
J. Rod is most likely getting his $150,000/yr and the CFO is most likely getting his $100,000/yr. They are sitting back and waiting for approvals while drawing those kinds of salaries. We also can't forget about the $5,000/ board meeting. That equals $35,000 when you combine the 7 board members. It sure adds up quick!!!
Agreed! I sure don't see that massive volume that was expected by longs.
They were OTC Pink Limited Information yesterday and they are OTCQB today. What will they be tomorrow?? LOL...
I have the terms of the notes which state that Asher can convert as early as 180 days after the note is issued. Thus, the note that was issued on February 29, 2012, can be converted on or around August 29th. They can convert the note that was issued on January 13, 2012 at any time if they haven't already. It is only a matter of time before they convert and dilute IMO.
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.
I do find it humorous that they owe their old accounting firm $15,241.45. Where is that money going to come from??? Most likely, it will come from ASHER!
Sierra Resource Group, Inc. had a balance outstanding to our firm in the amount of $15,241.45
They chose their words carefully in that PR, and there was all of three sentences worth of information. Regardless of the status of the MOP, the TOXIC financing has not been eliminated. Neither has their need for for an increase in A/S.
Was this PR released because they knew that Asher is going to be converting and dumping shares soon??? The convertible note below can be converted at the end of this month.
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.
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.
Agreed! It definitely looks like a fluff PR to me. NO NEW INFORMATION!
I'm fairly sure that if it had been approved, they would have said just that, the MOP has been APPROVED instead of accepted. So in reality, we don't have any new info. The PR was about as vague as possible. It contained all of one statement. Lol...
Perhaps we should look at the definition of accepted.
.
accepted past participle, past tense of ac·cept (Verb)
Verb: Consent to receive (a thing offered).
Agree to undertake (an offered position or responsibility).
Interesting choice of words. All this means is that they have submitted the MOP and the BLM received it.
Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") announced today that its Mine Plan of Operation has been reviewed and accepted by The Bureau of Land Management. This formal acceptance has allowed Sierra to submit its draft Environmental Assessment in order to comply with the National Environmental Protection Agency.
Unfortunately, a MOP does not reduce the amount notes that SIRG is currently in default on. Nor does it change the fact that they ONLY type of funding SIRG has been able to secure thus far is TOXIC FINANCING.
It also doesn't change the issue of SIRG attempting to increase the A/S to 1.5B in Jan. It is only a matter of time before SIRG runs out of shares to fulfill the current notes with Asher and other TOXIC FINANCING companies. The increase in A/S was originally attempted because they no longer met the terms set forth in the Asher notes. How long until they are successful with getting an A/S increase??? Then they will have plenty of stock to give to Asher to dilute.
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.
Actually, that isn't what all of the longs have been saying.
July 24, 2012
A MOP was submitted and BLM asked for more details and revisions. Rizzo submitted them in mid Feb and my conversation with Paul at the BLM Kingman office on June 5th said they BLM had a meeting and the MOP was approved.
I wonder why they didn't announce funding like so many thought they would? Perhaps it is because they have not secured non-TOXIC funding, and they are going to continue to use Asher, TOXIC FINANCING???
It must have been posts such as this that had me confused.
July 24, 2012
We have confirmed that SIRG is doing fine moving through the BLM process with the revised MOP approved, just waiting for the DEIS and Reclamation Plan and Bond approvals.
Agreed!
I thought the MOP had been approved a while back??? Maybe that was just what was being posted to the board though.
Could you please provide a link to where you got this information?
10 million shares of stock at well over 20 cents.
Excellent Post!! Everything really is there in black and white!
I too would like to see where it states the CEO's salary will be booked instead of paid.
According to the SEC when an OTC company is delinquent in its reporting they place an E after the ticker symbol. However, SIRG is currently being shown as an OTC Pink Limited Information Stock not a ticker with an E at the end!! That makes me question if they are actually going to stay in the pink market permanently.
"E" Added To Stock Ticker Symbol
When a company that trades on the OTC Bulletin Board (OTCBB) becomes delinquent in its reporting obligations with the SEC (for example, it submits a required filing late or in an incomplete form), the letter “E” will be appended at the end of the company’s stock ticker symbol. After the “E” is added, the company is given 30 calendar days (60 calendar days for most foreign companies and domestic banks), known as the “grace period,” to become current in its reports. If the company files complete required reports during the grace period, the “E” will be removed. If the company fails to correct its deficiency, the company’s stock symbol will be removed from trading on the OTCBB.
The 10-Q clearly states how much J. Rod is making annually.
On February 20, 2012 the board of directors approved and the Company agreed to an Employment agreement with J. Rod Martin, CEO. The employment agreement has a three-year term and is effective January 1, 2012. The agreement provides for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine
Go to the OTC Markets link below, and you can see, in the upper right corner, that they have been downgraded to OTC Pink Limited Information.
http://www.otcmarkets.com/stock/SIRG/filings
Could you please provide a link to the document that says J. Rod purchased 10M shares at 0.2???
J. Rod Martin is also drawing $150,000/yr while "waiting" for many things. Plus, he gets $5,000/ board meeting and $1,000/board teleconference. He has a pretty nice setup there IMO.
Does anyone know why the A/S increase to 1.5B is STILL showing up in the Nev. SOS??? If they actually did decrease it back to 440M, I would have thought they would have fixed this by now???
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
I think they will increase the A/S to 1.5B like they attempted to do in January. That would be the logical move IMO since they won't have any problems getting shareholder approval this time. Both the CEO and the CFO hold 500,000 shares of Preferred Stock that entitles them to 350 votes/share. That totals 350M votes!
Each share of Series A Preferred Stock entitles the holder to 350 votes on all matters submitted to a vote of the shareholders.
Furthermore, the board of directors approved issuance of 500,000 shares of Series A Preferred Stock each to Timothy Benjamin, Chairman, and J. Rod Martin, CEO. The Board of Directors deemed it necessary and in the best interests of this corporation to create this series of preferred stock in order to compensate the company’s chairman and chief executive officer,
According to the 8-K/A released there were no disagreements with the previous accountant's auditing or disclosures.
During the Company’s two most recent fiscal years and through July 20, 2012, there have not been any disagreements between the Company and TAC, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of TAC would have caused TAC to make reference thereto in its reports on the Company’s audited financial statements, nor have there been any “reportable events,” as that term is described in Item 304(a)(1)(v) of Regulation S-K.
SIRG just can't seem to hit their deadlines can they??
It looks like SIRG is now listed as OTC Pink Limited Information!!! Maybe they they simply couldn't pay their accountants anymore??? Check it out at the link below!
http://www.otcmarkets.com/stock/SIRG/filings
The terms below are the reason I think Asher financing is toxic. They get discount shares that they can dump into the market with no regard for the pps due to these terms, and that is apparent by looking at the substantial decline in pps from Feb. 2011 - Aug. 2012 & again Sept. 2012 - Feb. 2012. Let's hope they can secure non-toxic funding for future operations.
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.
Unfortunately, the statement "toxic financing" is very solid, factual, and verifiable. Please review the below post for all of the toxic financing information. It doesn't get much more toxic than 42% of the lowest 3 trading prices of the previous 10 trading days with the ability to convert as early as 180 days after the note is issued!
FACT: SIRG is currently using Asher to finance their opperations.
OPINION: The Asher financing is VERY TOXIC!
FACT: SIRG already attempted to increase their A/S to 1.5B
OPINION: It is only a matter of time before they succeed with the A/S increase.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78493485
All info in the above post is easily verified:
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681062
Excellent Post! Thank you for sharing!!!
Gone! That was quick!
Incorrect or merely an assumption...
Basing the value of in-ground resources on old data (in some cases over 100 years old!) without a single drill hole
GoldTech Engineering Co. (Jenkins), 2006 was a report based on the review and analysis of all available technical information, together with a mapping and sampling program of all accessible mine workings.
Recent field work was completed to obtain additional information on this block, consisting of sampling and additional mapping,
Excellent Post! That pretty much sums it up!!
What they are doing is sitting back and enjoying their nice fat checks while supposedly "waiting on permits". They may not have morals, but hey, at least they are staying within the law.
J. Rod's Salary: $150,000/yr
Barton R. Budman's Salary: $100,000/yr
Each BOD Member: $5,000/meeting x 7 BOD Members = $35,000 /meeting
"$5,000 per Board of Directors Meetings and $1,000 per Board of Directors Telephonic Meetings."
How exactly are they going to pay all of the salary and BOD Meeting expenses? If I follow their history, it will be with more TOXIC FINANCING, Asher notes.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681062
I'm glad someone cleared that up!