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To take a deeper look at the >$383,398 SIRG owes to Grand View Ventures on October 15, 2013, we can take a look at the amount of shares they would need to sell in order to pay this note off.
$383,398 / 0.002 = 192M shares
If there was good bid support, this might be possible, but since there isn't SIRG would likely need to sell even more shares to fulfill the notes. How far down would this go if SIRG tried to dilute that many shares?? Would it even stay above the trips? Probably not...
The main reason that I can think of for SIRG halting the permitting process is to postpone the due date for the Grand View Venture notes.
If the company had secured funding, SIRG wouldn't have allowed the permitting process to stop. However, if they were still seeking funding, they would want to delay the due date for the Grand View notes as much as possible.
Simply put, SIRG owes nearly $400K to Grand View either 3 months after the FONSI date or October 15, 2013, whichever comes first. Since they likely don't have funding lined up, they wanted to delay the notes due date as much as possible.
Amount owed to Grand View Ventures as of March 31, 2013. These notes are now due on October 15, 2013.
Note dated Feb. 16th: $213,431
Note dated May 3rd: $169,967
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9306844
I think the quotes were very clear. The BLM permitting process has been halted until the internal restructuring is completed. Why is it that we hear about the internal restructuring from the BLM and not the SIRG CEO???
agency has been working with Sierra on its environmental assessment but progress has stopped for now
"The company is going through some internal restructuring, and that's where the delay is right now," said Sanchez. "We need to know what direction the company is taking before we do anything else. The ball is in their court."
Agreed! Definitely a step in the right direction!
It was a sell.
Agreed! I think the future of GDSM is in good hands with the new CEO.
Here are a few that were outlined in the filing:
a. The Company has not made partial payments on the May Note upon the receipt to the Company of cash receipts as specified by Section 1(c) of the May Note. Specifically, the Company did not pay to Grand View 10% of the gross proceeds from the following borrowings as referenced in the Company’s most recent Form 10-Q:
i. The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 17, 2012
in the amount of $53,000. The note has an interest rate of 8% with a maturity date of April 19, 2013.
ii. The Company entered into a Promissory Note with FOGO, Inc. on July 31, 2012 in the amount of $200,000. The note has an interest rate of 12% with a maturity date of January 31, 2013.
iii. The Company entered into a Convertible Promissory Note with Asher Enterprises, Inc. on October 5,2012 in the amount of $32,500. The note has an interest rate of 8% with a maturity date of July 10, 2013.
b. The Company has not filed a deed of trust securing the mining claim in the county of Arizona where the mining claims of the Company exist.
c. The Company has allowed certain property to be sold for scrap metal for consideration of $3,710.
d. The Company has not retired the Tangiers promissory note dated October 14, 2011 by July 14, 2012. According to page 13 of the Company’s most recent Form 10-Q, as of September 30, 2012, $15,900 was still outstanding.
e. The Company has not amended its articles of incorporation to increase the authorized Class A Common Shares (the “ Common Shares ”) to one billion shares.
f. The Company has not paid principal and interest on the May Note before, at or after the Maturity Date for the May Note on November 1, 2012.
SIRG was forced by Grand View to file a Deed of Trust against their sole asset, the copper mine.
Grand View wants their money, and if SIRG doesn't have the money to pay, Grand View may very well chose to take the mine and sell it to get the money they are owed.
Considering the A/S is 2B, there are not 2.5B shares for sale.
Shares Outstanding 904,887,086 a/o Jul 01, 2013
Float 849,887,086 a/o Jul 01, 2013
Authorized Shares 2,000,000,000 a/o Mar 31, 2013
http://www.otcmarkets.com/stock/GDSM/company-info
The due date for the Grand View note is October 15, 2013. Just under three months from now.
As of March 31, 2013 SIRG owed Grand View the following:
$213,431 Feb. Note
$169,967 May Note
Total Owed as of March 31, 2013: $383,380
The May Note shall bear an 18% interest rate from November 1, 2012 forward
Someone just brought my attention to this message posted to another site by a previous SIRG poster, and I do believe it is well said!
Sadly SIRG had a rookie at bat as CEO and his continued mistakes and failures created more problems than he was able to correct. He did have assistance from Buzz at BLM who caused a year long delay in SIRG getting their permits.
I have learned how important it is to have a CEO who is experienced at being a CEO and who knows the importance of creating shareholder value. A track record of building successful companies is of extreme importance. Management is "key" to building a successful and profitable company and Rod failed and treated his shareholders like crap. Despite repeated requests he refused to update the website and keep shareholders informed and then blasted them for searching for their own information.
I added information about the new CEO and updated the recent PRs. Anything else you would like added?
It's right there in front of you, sorry if you're having trouble comprehending.
I believe that he is talking about the $5,000 per board meeting and $1,000 per teleconference meeting of the BOD. $1,000 per teleconference is a pretty nice perk IMO.
In addition to the annual compensation above and reimbursement of reasonable expenses, each member of the Board of Directors shall be entitled to meeting attendance fees (payable quarterly in arrears) of $5,000 per Board of Directors Meetings and $1,000 per Board of Directors Telephonic Meetings.
That can be found in any of the filings. So that you don't have to place any effort into looking, please see the quotes below for the information from the 2012 annual.
J. Rod makes $150K annually, and Budman is to make $100K annually, which was approved in July of 2012. The company's compensation and payroll expenses were $220,528 in 2012.
J. Rod Martin: $150,000
Budman (1/2 year): $50,000
Total: $200,000
That leaves $20,528 for additional compensation.
That isn't taking into account the additional administrative expenses of $118,908.
Effective January 1, 2012 the Company agreed to an Employment agreement with J. Rod Martin the Company’s CEO. The agreement provides for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine at which time the rate shall increase to $250,000 per year.
Selling, general and administrative expenses for the year ended December 31, 2012 were approximately $1,233,876, which are comprised of $425,167 for consulting expenses , $406,490 for legal, accounting and other professional fees, $220,528 in compensation and payroll expenses $62,783 for business licenses and permits and approximately $118,908 for other administrative expenses. There were no major variations in the components of Selling, general and administrative expenses between the year ended December 31, 2012 and 2011.
On July 18, 2012, Barton R. Budman shall be paid a base annual compensation initially at the rate of $100,000
It's already up there.
Perhaps you should bring yourself up to date with the most recent PR. LOL... Then you would realize that a new CEO was just appointed. He seems to have a lot of experience. You should check him out!
http://www.otcmarkets.com/stock/GDSM/news
http://silvermineadvisors.com/
http://resourcemanagementadvisors.com/geology1.html
Don't forget the $5,000 per board meeting and $1,000 per teleconference meeting. I wouldn't mind making $1,000 for a simple phone call. He has/had a pretty sweet thing going with SIRG. He could sit back and make money for doing nothing.
They are definitely running out of time to pay off the Grand View Ventures note! In October, they very well may lose their sole asset, the Chloride Copper Mine.
So far today, there has been all of $6.72 go off. There is also little to no bid support even at 0.002, 120K @ 0.002. All it will take is a couple more people exiting, and it will fall back in the .001s with ease.
And you really think a single person shorted all of that stock? Lol...
Where in the world are you getting it "would cost 42.5 million before it would go through"??
17.3M x 0.0006 = $10,500
You are stating two totally opposing statements. If it were money stolen from investors, it wouldn't be a debt or deficit. It would be shown as income.
It can be called a debt, "Working deficit" (LOL) or more commonly known as stolen money. Any way it's worded, it's still money that was stolen from investors based on BS PR's and lies.
Let them chase!
Cherish the moments that you can use that definition to qualify SIRG as a "miner" because in a couple months, they very well may have no assets at all.
They have done a darn good job of mining investors pockets!
It's all right here in the filing for you to read! All about the Deed of Trust SIRG had to provide Grand View, and all about the strict terms of the forbearance.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095
Wait! J. Rod owned a goldfish? I thought it was a beta fish!!! I guess that means I got it all wrong when I say he's failed to secure funding to bring this mine back into production. Instead he found temporary funding that may very well cost SIRG their sole asset, the copper mine.
I guess I know financing and filings better than fish and toilet tissue!
By the looks of the pps, MANY have concerns about SIRG's ability to pay Grand View. Grand View doesn't want SIRG's shares, but instead their money, which SIRG doesn't have. No money = No mine
Adding the OS and float together to come up with a supposed share increase. LOL...
The share increase that was observed this quarter was due to the conversion of 15M shares of series E preferred to common. They issued no other shares.
http://www.otcmarkets.com/financialReportViewer?symbol=GDSM&id=107268
Regardless of what is rumor and what is truth about J. Rod, SIRG has just over 3 months to pay Grand View Ventures >$350K. If SIRG defaults, they lose the mine. After reviewing the forbearance, Grand View isn't messing around! If SIRG had funding secured, they wouldn't have halted the BLM permitting process due to "restructuring". There is a good chance SIRG will have no mine to worry about after October IMO.
Actually, Rod did sell shares; so, that is not just rumor. I have covered that numerous times by providing pictures of the specific sections of the company filings. You can dismiss them all day, but it is there in black and white. His number of shares decreased by 5M from 2011 to 2012.
2011
2012
I'm being realistic about SIRG's future. They are "restructuring" and they have "halted the BLM permitting process".
SIRG has a note due for >$350K to Grand View Ventures in October at the latest. Grand View has a deed of trust against SIRG's mine, and if SIRG defaults on the note, Grand View gets the mine.
That sure doesn't sound like a company that is going anywhere but down.
Yep, those problems will be history when Grand View takes over the mine in October. LOL...
Indeed they are, SIRG included!
Most penny miners are scams
Did you see this in the most recent PR? BLM permitting HALTED!
Ruben Sanchez, field manager for the Bureau of Land Management Kingman Field Office, said the agency has been working with Sierra on its environmental assessment but progress has stopped for now.
I would have to say the BLM is the most important and difficult process to get through. Why did they halt the permitting process? What is this restructuring they are talking about. Maybe Grand View is going to take over the mine???
I heard so many times in the past that funding is lined up, but it is permit contingent. That is a crock, because if it were true, they would still be working diligently on the BLM permits.
Fact is, they don't have any funding lined up, and they have over $350K coming due in October with no means to pay it. Grand View will not accept common stock to cover the notes. The game is almost over for SIRG IMO.
The permitting process has come to a halt, due to internal restructuring, and the Grand View Venture notes (>$350K) come due in October regardless of where the permitting process stands. If they default on the Grand View Note, they lose the mine. It's as simple as that.
Ruben Sanchez, field manager for the Bureau of Land Management Kingman Field Office, said the agency has been working with Sierra on its environmental assessment but progress has stopped for now.
The company is going through some internal restructuring, and that's where the delay is right now," said Sanchez.
Maybe the biggest disappointment of the year, but definitely not the stock of the year. LOL...
I noticed that as well. Maybe he is embarrassed of how he ran the company into the ground???
The only thing I ever saw good ole J. Rod do was acquire more toxic financing and WAIT for permits. He makes over $150K annually for "waiting for permits". It's a nice little set up for him.