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Considering 7M shares went off from 0.067 - 0.0055, it looks like a group (maybe Asher?) is diluting. The ask was taken all the way down to 0.0056 to pick up a large buy order. It looks like Asher is tired of holding their shares, and they are starting to dump them. JMHO
Increase or not, Asher still has MILLIONS upon MILLIONS of shares to sell well below here and still make a profit. That is obvious by the fact that more than 7M shares were sold at or below 0.0067 today. The fact that it was brought back up on light volume means nothing. Increase in volume today = ASHER DILUTION!
It looks like VERT is back. Here comes the Asher dilution again! Hold and wait it out or sell now and get in lower?
Agreed! Once they begin to release PRs on a regular basis, GDSM is golden!
The company stated why.
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.
How is it old news when SIRG continues to take notes with Asher as recent as Feb. of 2012? How many notes have they taken with Asher since the Q1 filing?
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.
It is not an assumption at all. The company spells it out in black and white.
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.
They kept the Series A Preferred Stock intact. So that means this is what happened and is going to happen...
The BOD and CEO voted amongst themselves and passed the 1.5B A/S increase. The reason why is explained in the following post.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77724279
They realized they did not follow Nevada state law but still needed to increase either the share count or the PPS to become compliant with Asher. The PPS was raised artificially in order to become compliant with Asher while a Series A Preferred Shares were created to overcome the voting problem. These shares have a 350 vote count per share.
The next time that the A/S increase comes up for vote, they have all the votes they need, and the increase in A/S will easily be approved.
IMO
Have you read the terms of their notes?
They get shares at 42% of the then going Market Price! They also calculate the value of the "average pps" as the average of the LOWEST three trading prices out of the ten previous trading days. They can convert notes as early as 180 days after issuing the note. That is about as TOXIC as it gets!
It's all in their 10-K. I would really suggest reading it before you invest in SIRG. It is long, but it is well worth your time to know exactly what you're investing in.
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.
From previous dilution of SIRG by Asher, you can clearly tell that they dump the shares with no concern for the pps. The chart clearly shows the massive dilution. They can dump all the way into the trips and still make a profit.
They most certainly are.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012.
During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement.
Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012.
Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012.
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.
You will have to forgive me if I don't take a poster's "word for it" that it exists.
I still have plenty of confidence. Still holding and buying on the dips here!
I'm still waiting to see a copy of that lease transfer. Care to share a link???
Even if GDSM was fully diluted, it would still be an excellent investment IMO.
Once again, the T/A is not gagged by GDSM. It is the policy of the T/A that they use, not to disseminate that information.
There is a well already on site, and if they deepen it it takes around a month to get the permits, right? I don't see that as a problem. The company has given no dates for an anticipated release of the sample data, and that means they aren't late. Could you please explain why you feel that there is a 2-3 yr wait until production? That most certainly isn't what the company has stated!
IMO
I'm fairly sure it does. Do they have to be audited prior to being submitted to EDGAR?
Also remember, they submitted their annual and quarterly to EDGAR. That makes me think there's a good chance that we will see them uplist in the near future.
JMHO
Exactly!! No date was provided by GDSM. It's hard to be "late" "as promised by the company" when a date or estimated date was not provided.
Please explain how the test results are late when the company didn't give a date???
late test results as promised by the company
Considering their share structure changes daily, that very well could be the issue. IMO
This is the most recent, from Jan 31- March 31. It comes out to 0.0009 pps. Asher can dilute all the way into the trips and still make a profit!
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.
Here are the Asher notes that came due recently or are coming due VERY soon! Massive dilution is coming IMO!
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012.
During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement.
Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012.
Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012.
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.
Considering that if Asher converted the notes from April, June and July on the dates they came due, Asher would have received approximately 75M shares. I would have to say, Asher has plenty of shares to dump. It is only a matter of when they decide to dump them and if they decide to run a pump and run. IMO
They get shares at a 42% discount! They also calculate the value of the "average pps" as the average of the LOWEST three trading prices out of the ten previous trading days.
For the $26,002 they owed Asher in April, the "average pps" calculated as stated below would have been 0.0018. They would have received a "discount rate of 42% of the then going Market Price" which means Asher received the shares at $0.0008, and if they converted the entire note they received 35M shares. That is in April alone!
June 28M Shares
July 12M Shares
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.
When Rod releases the next PR, Asher will most likely dump all of its shares. Remember, they can sell all the way into the trips and still make a profit!
$84,119 / 94,387,340 = 0.0008 pps
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.
Wouldn't it be funny if SIRG did exactly that, an R/S after the increase in A/S? They already put in place the Preferred Series A Stock with 350 votes/share to assure they have voting power.
JMHO
Page 6 paragraph 4 of the annual 10-K.
Article IV Section 8 of the Bylaws is hereby amended to read as follows: “The holders of ten (10%) percent of the shares entitled to vote at any meeting of stockholders, present in person or represented by proxy, shall constitute a quorum for the transaction of any business at any such meeting, provided that when a specified item of business is required to be voted on by a class or series (if the corporation shall then have outstanding shares of more than one class or series) voting as a class, the holders of ten (10%) percent of the shares of such class or series shall constitute a quorum (as to such class or series) for the transaction of such item of business.
I will continue to go with the facts released by SIRG instead of what Rod supposedly said to someone.
All of the 10-K documents that I have posted have been electronically signed. Are you talking about a different document? If not, could you please point out a specific page that isn't signed? Thanks!
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681062
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055
The current COE was in office when the 94M shares were issued to Asher last quarter.
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.
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.
Promissory notes payable dated January 13, 2012 due to Asher Enterprises including accrued interest $38,141
Promissory notes payable dated February 16, 2012 due to Grand View Ventures including accrued interest $191,832
Promissory notes payable dated February 29, 2012 due to Asher Enterprises including accrued interest $30,203
Can you tell me exactly how many shareholders own at least 10% of the company? Those are the only people that get to vote according to the 10-K.
There is also this info from the I-box. How are they going to pay for this?
Pre production operations include a new heap pond, repair of the PLS pond, Reconstruction of the raffinate pond and replacement of heap piping and pumping. The SX/EW facility needs repairs as well. Estimates for the work to re-open the mine are $4,218,829 to $6,741,537
Not for long with all of these notes coming due!
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.
Convertible Promissory Note with Tangiers. on October 14, 2011 in the amount of $31,500. The note has an interest rate of 10% with the maturity date of July 14, 2012. $32,933
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
Grand View Ventures, LLC: 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.
You say that as if it is a fact. Could you please provide a link to that supposed fact??? I must have missed something, because all I see is TOXIC financing.
SIRG has funding and the details will be released
Major Red Flags with SIRG!
O/S increased by 94M in 1st quarter.
Defaults on notes totaling $705,071
Massive dilution in the past by Asher, and many more convertible notes to Asher have or will come due soon! Their last shares were received at 0.0008 pps.
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.
Since each share of Series A Preferred Stock is worth 350 votes on all matters, do you foresee any problems with them getting an increase in A/S approved?
Between J. Rod and Timothy Benjamin, they have 350M votes from those shares alone! You only get to vote if you own at least 10% of the company.
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,
About to re-open? Did I miss them actually getting their permits??? LOL...