Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The simple answer to that question is that there has been no bid support.
What happens when they run out of shares to issue for the current notes? They will have three options. 1. Increase the A/S 2. Complete a R/S 3. Default on their notes.
At this point, defaulting on their notes seems to be their route of choice.
Currently in default:
Brian Hebb: August 16, 2010 in the amount of $34,527. Interest rate of 8% with the maturity date of July 15, 2011. Current amount with interest $46,765
Black Diamond Realty Mgmt: August 6, 2010 in the amount of $25,000. The note does not have an interest rate on the principal balance and matured on August 16, 2011. Current amount with interest $26,126
Brian Hebb: May 5, 2010 in the amount of $125,000. The note has an interest rate of 8% with the maturity date of August 16, 2011. $172,402
The Company entered into the purchase interest of the Chloride Copper Project from Medina Property Group, LLC which resulted in the Company acquiring the debt and a promissory note dated March 22, 2010 in the amount of $360,000. The note has an interest rate of 8% with the maturity date of September 22, 2010. The Company is currently in default of the note, $421,239
Convertible Promissory Note with South Concord, a related party, on September 30, 2010 in the amount of $30,000. The note has an interest rate of 10% with the maturity date of September 30, 2011 $38,539
Precisely what I am saying! Those shares (75M) can be sold at any time now!
The note due in April would have been fulfilled at a pps of 0.0008. They can be sold.
JMHO
I was talking about the notes that have already come due which would total 75M shares.
They are obviously off of the market, but they are not counted in the outstanding share count listed on the 10-K.
That is fine and dandy, but they will soon run out of shares to convert for the notes. 75M shares is a substantial amount of shares when they already had 335,620,287 shares outstanding according to what is listed on this board. That means they have a around 30M shares left to issue. That sure isn't much to work with!
They are not counted in the current outstanding shares, or it would be in the 10-K! They also, do not know what the pps will be when they issue the shares to Asher. That makes it nearly impossible to "hold them in escrow". Lol...
That falls back to supply and demand. There isn't currently much of a demand for these shares. I hope they hold until there is a demand, but if they don't wait and dump the shares, it will tank the stock!
I hope for the sake of all the longs that they run a paid pump to get this thing going!
Both of these notes are still due to Asher:
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.
That is an 8% increase in the outstanding share count. The total from the three notes is a 17% increase in the outstanding share count. I don't think most people will like the fact that Asher can dump these shares all the way into the trips and still make a profit.
Yes, it has proven ore deposits, but it also has notes due far before it will be pulling those out of the ground. Based off of the current convertible notes, SIRG is going to be running out of shares VERY QUICKLY!
June Note: Shares were received for 0.0013pps, and if they converted the entire note they received 28M shares!
July Note: due tomorrow, shares will be received at 0.0027pps, and if they converted the entire note they will receive 11.8M shares!
Add April, June and July: 75M shares total
At what point do they either have to raise the A/S or begin defaulting on future notes???
IMO
This type of convertible note is very concerning! 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.
To clarify, 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!
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.
Sampling data was to be delivered to GDSM within the first two weeks of this month according to the PR from WSRA. I'm sure they waiting until they have thoroughly reviewed the data to release a PR. I would prefer to wait a little longer and not get a rushed/ thrown together PR.
JMHO
Then perhaps some of the highlights from the 10-K should be added to the sticky notes. It would give new investors easy access to the link. Just a suggestion...
Exactly, the 10-K shows all of the FACTS about SIRG. Not reading the 10-K and blindly investing in this company wouldn't be "smart investing". IMO
Just because a copper mine exists doesn't mean they can secure funding to get it back to an operational state. It is all about FINANCING! If they secure financing, they are in great shape, but as of this time that is a big IF. I hope for the sake of the longs that they do get financing in place.
I think there are a few points in the 10-K about financing and defaulting on notes that are a bit bothersome. The company is almost entirely diluted after the most recent notes due in April, June and July. When are they going to have to increase the A/S to pay their notes due??? It will be either that or default on MORE notes. Lol...
JMHO
Please check out the 10-K prior to investing! Your investment is only as good as YOUR OWN DD! Don't take someone's word that SIRG is a good or bad investment! I found a lot of information in the 10-K that is nowhere in the sticky notes or on this board. It is a long read, but there is a substantial amount of important info it.
There 10-K can be found here:
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055
I'm glad it will be put to good use!!!
The PR will be out any day now!
It seems like many of us have been met with hostility when we arrived. I too was thinking about taking the plunge, but then I read the filings and found some very concerning information. It is the OTC Market; so, I won't say that SIRG can't run. What I can say is that everyone should read the 10-K and make the decision for themselves.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055
I would certainly hope so!
Agreed!
He was an independent consultant at that point and took common stock as payment.
During the Year Ended December 31, 2011, the Company subscribed 2,200,000 shares of common stock its current CEO J. Rod Martin.
Effective March 10, 2011, the Company entered into a two month independent consulting agreement with J. Rod Martin, its current CEO, inconsideration for 200,000 shares of restricted Common Stock. The terms of the agreement were satisfied; however as of this filing the Companyhas not issued these shares. Effective May 11, 2011, the Company entered into a four month independent consulting agreement with J. Rod Martin, its current CEO, in consideration for 2,000,000 shares of restricted Common Stock. The terms of the agreement were satisfied; however as of this filing the Company has not issued these shares. The Company recorded a consulting expense on the date agreements were issued.
It looks to me like they entered into a subscription agreement for $10,000. The following came from the Stock not yet recorded section of the 10-K. Obviously, they haven't already been issued and counted among the restricted shares!
During the quarter ended March 31, 2012, the Company entered into a subscription agreement with Grandview Ventures. Whereas for the value of $10,000 the company agreed to issue 8,650,000 shares of the Company’s common stock. The Company received the $10,000 however as of March 31, 2012 the company had not issued the common shares to the third party. The Company considers the value of the stock as subscribed stock, 8,650,000
Actually, it does show what he is/will currently collect as salary. For $150,000, most people would be happy to do a public appearance.
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 at which time the rate shall increase to $250,000 per year. The agreement also includes a bonus to be determined in good faith by the Board of Directors at the end of each fiscal year with a target of $350,000 adjusted in accordance with performance.
The only method of funding that SIRG has secured up to this point is toxic financing, by which I mean giving Asher shares at a 50% discount. The last financing was secured at a 0.0009pps. Now that is seriously TOXIC financing!
From 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.
Where exactly are they going to get the money to pay off the debt when they have no current income? These three notes alone have come due in the last couple months or are due in two days. That is a total of $94,000! Do you really think they have that kind of money to pay up, or are they going to have to give out more shares? When will they run out of shares to give???
The Company entered into a 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.
The Company entered into a 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.
The Company entered into a 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.
Please show where it states the shares were restricted! The 10-K clearly states that Asher received shares of the Company's Common stock. Nowhere does it say they were restricted. Also, please note that the shares were given to Asher at 0.0009pps.
$84,119 / 94,387,340 = $0.0009 per share
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.
I certainly can't wait to see the next PR! Hopefully, it will be out later this week or early next week???
I will send you the list of defaults tomorrow. The list goes on and on and on...
I keep hearing posters state the mine life is 10yrs, but the article states the project is expected to last approximately three years. Where are people getting the 10yr mine life from?
According to the pamphlet, the project is expected to produce more than four million pounds of copper per year for approximately three years.
Sanchez is the BLM's Kingman field manager. I highly doubt he accidentally said mining plan of operations when he meant DEIS. Providing the document or a link would easily remedy the confusion. Did the editor admit there were errors in the article? Is there an actual revision to the article, or is this once again hear say?
Ruben Sanchez, of the BLM's Kingman field office, said Sierra must submit a mining plan of operations, which is supposed to explain exactly what Sierra plans to do. That document is the vehicle for the environmental assessment.
You were spot on weren't you!! Good call buddy!!!
I was away for the last few hours, and it looks like we had one heck of a GREEN close! Sweet!!!
I didn't state a date. I merely agreed with you.
This is an actual question; so, please don't jump on me for asking or not knowing the answer. How often do BOD members in OTC Market companies front their own money to cover millions in expenses?
That sounds about right.
Do you think we will actually see those permits by the end of July? I know that some continuously note how long it takes to get permits. Let's hope that copper is at a high enough price for the mine to be profitable by the time the permits and funding are in place.
I have heard that one before. I would like to know an expected date with a rationale behind it. Not just any day now. Lol...
What is your estimated date for the permits and the funding information???