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Asher TOXIC financing is not old news since they still have convertible notes that will come due VERY soon. They are using other TOXIC financing companies as well. These three notes alone total $200,833! How many shares will that require???
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.
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.
A convertible promissory note in the amount of $133,333 was also executed. The note has an interest rate of 8% with the maturity date of November 1, 2012.
They declare and file in the quarterly. Just like they did here...
Fram January 31, 2012 through March 31, 2012 the Company issued Asher Enterprises during eleven dates a total of 94,387,340 shares of the Company’s Common stock. The stock was issued in exchange for the conversion of notes payable totaling $84,119 issued during 2012.
As long as you are prepared to have 1/3 to 1/5 of your current percentage of the company stock, go for it.
Thanks! We will be alternating the charts for the GIVE IT YOUR BEST SHOT contest. If your pick isn't up right now, it will be in a couple weeks.
The unfortunate truth is that the majority of SIRG shareholders won't accept that there is a high probability of seeing an increase in the A/S to 1.5B, let alone a R/S. If investors enter this stock with those assumptions, then they may not be disappointed. I just don't know of many investors that will willingly enter a stock with the assumption that the A/S will triple and a R/S will be completed. I think it's great that you know what you own and are satisfied with your investment.
If we all report the same posts that we feel are off topic, the admins are more likely to remove them. I'm going through and reporting anything that mentions another stock, and I'm including an explanation for why it's off topic.
This is ridiculous manipulation! I feel sorry for the people that are getting shook out of their shares!!!
How long until they succeed with the A/S increase to 1.5B? Soon they will not have enough shares to fulfill the requirements set by Asher. Their reasons for the previous attempted increase are clearly stated below.
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.
Here is the Proof you requested...
On May 3, 2012 the Company issued Grand View Ventures, LLC 6,666,666 shares of the Company’s Common Stock in consideration for
$33,3333. A convertible promissory note in the amount of $133,333 was also executed. The note has an interest rate of 8% with the maturity
date of November 1, 2012. In conjunction with the $133,333 note, Grand View Ventures also received a common stock purchase warrant to
purchase 6,666,666 shares of common stock with an exercise price of $0.012 per share.
GESI is already up. A few people have selected it. I will have to keep a close watch on that one!
I recorded it at 0.014 pps. If you have the pps from when you made this post I can change it.
Thanks for the clarification!
Any of these existing notes can be converted any day now since they can convert 180 days after the note is issued.
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.
A convertible promissory note in the amount of $133,333 was also executed. The note has an interest rate of 8% with the maturity date of November 1, 2012.
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.
The Company entered into a Promissory Note with Grand View Ventures. on February 16, 2012 in the amount of $190,000. The note has an interest rate of 8% with the maturity date of February 16, 2013. $191,832
It looks like last week Asher dumped around 10M shares, and this week it seems to be investors that are cutting their losses since VERT wasn't heavy on the ask. JMHO
Agreed! Someone is trying to get in cheap IMO!
Nice!
I noticed that it stated the owner commissioned the appraisal. Less hoops to jump through???
Mr. Jason Wharton, owner of the Lower Davis Dunkirk Mine has commissioned the authors to appraise the mineral potential of the Property.
If you set the bar too high for SIRG, they are bound to fail. Look at the facts, and know what you own!
IMO
I stand corrected. From what some posters were saying, I thought that the permits were going to be out this month. I guess it's just another month of J. Rod collecting a paycheck without SIRG having any source of revenue.
Weren't the permits supposed to be released by the end of this month? Will they release them today, or will they miss that deadline too??? LOL...
ARIZONA LODE GOLD MINES AND GOLD MINING
By Eldred D. Wilson, J. B. Cunningham, and G. M. Butler
Revised in 1967
DAVIS-DUNKIRK MINE
The Davis-Dunkirk mines, held by Davis-Dunkirk Mines,Inc., is on the western slope of the Bradshaw Mountains, near the head of Slate Creek. By road, the main camp, at the mill, is 14 miles from Prescott and 3 miles west of the Senator Highway. As the elevation at the camp is about 6,400 feet and on part of the road over 7,000 feet, communications in winter are sometimes hampered by snow.
These veins were located in the sixties or early seventies of the past century. Raymond, in 1874, stated that: "Seven and a half tons of ore from the Davis mine near Prescott have been shipped to San Francisco and yielded $618.75 or $88.50 per ton. This vein is only opened by a few holes from 5 to 10 feet deep. "47 Little other historical data for the mine are available, but its production prior to 1922 48 is said to have been about $200,000. In 1925, the property was obtained by Davis-Dunkirk Mines,Inc., which subsequently built a new camp and a 120-ton flotation mill. Regular operations, employing about twenty men, began in August, 1933, and yielded fifteen cars of concentrates up to January 10, 1934.
Here, the steep-sided canyon of Slate Creek exposes moderate lyfissilepre-Cambrianschist, intruded by stocks and dikes of gran-odiorite and diorite and a few dikes of rhyolite-porphyry. The mine workings are mainly in schist which, a short distance farther west, is intruded by a large stock of granodiorite and, on the southeast, by diorite.
The Dunkirk vein occurs within a fault fissure that strikes northeastward and dips nearly vertically southeastward. As seen on the lowest adit level, its thickness ranges from a few inches to about 3 feet. The filling is mainly coarse-grained grayish white quartz with abundant pyrite and chalcopyrite. In places, coarsely crystalline pale-pinkish ankerite is the principal gangue. Rather intense sericitization and silicification are apparent in the wall rock. The richer gold and silver ore shoots, as indicated by several old stopes above this adit, tend to be somewhat irregular in form and distribution. The silver content is asserted to be decreasing with depth. At a point approximately 1,400 feet in from the portal, the vein separates into two branches about 45° apart. In January, 1934, ore was being mined from workings at the bottom of a 100-foot winze sunk at this point. According to H.L. Williams, 49 manager of the property, the mill concentrates from this ore averaged about one ounce in gold and 62 ounces in silver per ton.
The left branch of the vein continues northeastward, towards the old Davis mine. Ore from the upper levels of this mine was described by Lindgren 50 as consisting of fine-grained, druzy quartz with sparse pyrite and yellow sphalerite, with abundant grains of proustite and polybasite. He regarded this vein as of the shallow-seated type, but the Dunkirk vein belongs distinctly to the meso thermal type.
Workings on the Davis-Dunkirk property consist of more than 6,000 feet of adits, raises, stopes, and winzes, distributed over about four claim-lengths and with a vertical range of 1,600 feet.
I can't believe you're not to 20M yet!
The main problem I see here is that SIRG has and continues to use TOXIC financing through Asher. If they weren't financing through Asher, it would just be another toxic financing company. At 42% of the lowest 3 days of the previous 10 trading days and the ability to convert notes as early as 180 days after they are issued, how much more toxic can you get???
I really don't foresee SIRG being able to convert all of their outstanding notes under the current share structure. If they increase the A/S to 1.5B as they tried to in the past, perhaps they can end up ahead?
Agreed! The longs will be rewarded!
Nice!
This other property was of immediate interest due to its ability to be put into production within 90 days of completed funding and the extensive documentation regarding its potential.
It sure does.
Let's think about this. Asher converts the notes at 42% of the lowest pps from 3 of the previous 10 trading days. Wouldn't it make sense if they converted right after those three really LOW days??? The lows were 0.0015, 0.0015 and 0.0017. The shares would have been VERY CHEAP! 0.0007 pps to be precise.
2012/07/25 0.0015 0.0085 0.0015 0.0080 28,250 0.0080
2012/07/24 0.0015 0.0090 0.0015 0.0080 176,500 0.0080
2012/07/23 0.0085 0.0090 0.0055 0.0090 10,814,353 0.0090
2012/07/20 0.0017 0.0085 0.0017 0.0085 168,500 0.0085
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.
Thanks!
Please list the current pps with the ticker. Thanks!
All comments made to Ihub boards are assumed to be an individual's opinion. That is stated in the TOS.
Agreed!! I couldn't have said it better!
They will need funding prior to opening the mine to pay for the annual salary of both individuals among other things. They stated this clearly in their reasons for the attempted increase in A/S. "enable the Company to borrow further amounts from Asher Enterprises for short term working capital". How many more shares will be given to Asher for next to nothing??? How long before they successfully increase the A/S to 1.5B??
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.[/u]
This is yet another thing SIRG dropped the ball on.
Care to speculate on how SIRG is going to pay their CFO $100,000 annually along with the $150,000 for J. Rod's salary when they have no source of income currently? Could the answer be MORE ASHER NOTES???
As compensation for his services hereunder and as compensation for his covenant not to compete provided for in Section 4 hereof, Employee shall be paid a base annual compensation initially at the rate of $100,000 per year, which rate of compensation shall be in effect until the Company begins production at the Chloride Copper Mine
Here is the recent post with a list of companies that are still on the chill list.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76927884&txt2find=chill|SIRG
Agreed! It is far too easy to falsify documents now days. The study done by the Southwest Research Institute consisted of channel sampling, trenching, test drilling and hand dug pits. All that I can find in the Jenkins report is that they were going to sink holes by suction dredge in the Mexican Gulch and its tributaries. They couldn't use large excavation equipment for this, but apparently they found a way to still complete the work. They had two exploration permits, 008-110117 & 008-110118. I sure would like to get a copy of those two permits to see exactly what was allowed.
The posts concerning the 5 gallon buckets are coming from the supposed POO that was provided by a poster, but the document could not be verified. I'm fairly sure the Jenkins report was completed with larger samples. I will see what I can find.
The agenda of many here is to spread the truth about SIRG and the toxic financing completed through Asher. Today appeared to be the first of possibly many more days of Asher dilution. This has never been a matter of opinion, but instead proven with factual DD taken straight from the company filings.
There was also a 3.38M form t at 0.0056! HUGE DILUTION!!!