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Here is an interesting connection to the CEO of SIRG...
Reinstatement of Blackpool Partners on Sunbiz.org. J.Rod Martin, MGRM
http://sunbiz.org/pdf/27059786.pdf
Notice the name of the registered agent.. Joseph I. Emas.
Here is a SEC ruling against Joseph I. Emas for securities fraud.
http://www.sec.gov/litigation/admin/2010/34-61386.pdf
The filings aren't agreed with and most of it is wrong? That is an interesting take on the situation. The filings are the best source of facts period. All of the numbers and transactions come straight from the filings.
The claim made that Rod bought 10 Mil. shares and did not sell is not valid.
In actuality the shares were acquired by 5277 Partners in April 2010...
Item 3. Source and Amount of Funds and Other Consideration.
All of the shares of Common Stock beneficially held by the Reporting Person were acquired in a Asset Purchase Agreement between the Registrant and Medina Property Group, LLc. in April 2010.
http://www.sec.gov/Archives/edgar/data/107696.../sc13d.htm
The agreement is the acqusision of the Chloride copper mine and 5277 Partners received shares in the process. Since Rod is the President of 5277 Partners, he had to file the 13D by SEC regulation. In fact, he has to let it be known every single share that he has voting rights with.
The actual amount of shares acquired was 9,631,400
From the 2011 10-K we also know the following....
He acquired 2,200,000 restricted common shares (not issued) in the first half of 2011 for consulting services with SIRG.
He converted $6858.00 into 2,857,467 in Nov. 2011 from a convertible note between SIRG and Blackpool Partners which Rod was (and still is) also a managing member.
9,631,400 + 2,200,000 + 2,857,467 = 14,688,867 shares that he HAS to claim ownership of as a beneficial holder.
From the 2011 10-K we also know how many shares he owns and claims...
Security Ownership of Management:
J. Rod Martin-CEO and Director (3) 10,587,467 3.1%
(3) Includes 5,057,467 shares which are earned, but have not been issued. These shares are disclosed in this 10-K under Item 12: Shares
Subscribed, Not Issued.
14,688,867 - 10,587,467 = 4,101,400.
So, your claim that he hasn't sold any shares is false since he had to sell 4.1 Million shares. Otherwise the number of shares claimed as a beneficial holder would be 14,688,867.
Seriously? LOL
At the time of that post the WERE downgraded to the pinks. The screenshot proves it. They are obviously back on the QB but it just goes to show what a "fine line" is being walked.
All investors need to be well aware of both the toxic dilution through Asher Enterprises and the fact that SIRG is currently under a DTC Global Lock. Until those issues are gone, the info in the Ibox remains.
I'm still working on finding all of the pieces but here is what I have so far...
Here is Medina on Sunbiz.com.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L10000031239&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=MEDINAPROPERTY&names_filing_type=
Here is a link to a Medina filing on Sunbiz showing Patrick Champney, former CEO of SIRG as being a managing member of Medina.
http://www.sunbiz.org/COR/2010/0728/83101306.Tif (see page 4)
Here is SEC EDGAR archive. Notice the name of the EX-99.1 for Medina filed with the Sierra 8-K.
http://www.sec.gov/Archives/edgar/data/1076966/0001477932-10-000479-index.htm
Not to mention that Medina had a controlling interest of 65% in SIRG...
The 12,750,000 shares issued pursuant to the Purchase Agreement to Medina represented approximately 65% of our common stock shares outstanding upon issuance and, as a result, a change of our shareholder voting control occurred.
This "tangled web" is starting to unravel.
Medina Property Group, LLC offers copper mining services. The company was incorporated in 2010 and is based in Weston, Florida. As of June 21, 2010, Medina Property Group, LLC operates as a subsidiary of Sierra Resource Group, Inc.
Actually, that question is specifically pertinent to Mercator due to the location and distance between the Chloride mine and the Mineral Park mine. The answer to that question is probably the same answer as to why the Chloride Mine (Emerald Isle) has has many failed attempts by previous owners.
Agreed. And if an investor wants to sell here based on posts that provide absolutely no verifiable proof then so be it. Just leaves us with a stronger base.
The latest joke is the claim of the CEO spending $2 million on shares in 2010. He could have bought the property and put it into production himself with no need of SIRG whatsoever with that money.
Again... He didn't sell or couldn't sell? If the shares were issued to him with restriction (as often are) he was stuck with them.
Where are the details of these shares that are being claimed that he purchased at 0.20 PPS?
If he had the money to make that purchase ($2 million) why is funding such a problem now? That would have gone a long way towarad getting the mine going.
Yet another claim that doesn't make any sense!
First and foremost, what makes no sense whatsoever is this...
If the Chloride Copper Mine is a viable asset then...
Why was it purchased by Medina for $360 thousand?
...and...
Why didn't Mercator Minerals, the owner of the large Mineral Park Mine less than a mile away, buy this property? Pic below.
Something just doesn't add up here.
He didn't sell or couldn't sell? If the shares were issued to him with restriction (as often are) he was stuck with them.
I've been looking into that as well. There are some very close ties between the involved parties. I see where Medina listed as is a subsidiary of SIRG. Looking like a lot of stock swaps and inside dealings to me.
One thing that I find interesting is how Medina acquired the mine for $360 thousand and a very short time later SIRG "purchased" 80% interest and now it is being valued at $12 million.
Haven't done any DD on Grand View Ventures or Tangiers (the financiers)... Asher is all I needed to see. Here is the info from the filings...
On February 16, 2012 the Company issued Grand View Ventures, LLC 8,650,000 shares of the Company’s Common Stock in consideration for
a convertible promissory note in the amount of $190,000. The terms of the convertible promissory note are outlined in Note 7 of the
accompanying financial statements. In conjunction with the $190,000 note, Grand View Ventures also received a common stock purchase
warrant to purchase 6,900,000 shares of common stock with an exercise price of $0.015 per share.
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. As of December 31, 2011 and 2010, the Company had a balance due including, principal
and accrued interest in the amount of $32,417 and $0, respectively.
Nobody is claiming that the CEO doesn't hold 10Mil+ shares. That information is disclosed in their filings and is required by law since he is a beneficial holder. The question is on how they were received.
The claim that he personally bought those shares is what needs validation. What can be validated is that 9.7 Mil shares are owned and in the name of 5277 Partners, LLC... a home based business of Martin's. Additionally, many shares have been issued and will be issued from SIRG.
http://sec.gov/Archives/edgar/data/1076966/000110801711000141/sc13d.htm
So the question stands. How did 5277 Partners, LLC receive those shares?
Looks like it is being setup for another dump. I wonder what is in the delayed 10Q that the company doesn't want seen yet.
Interesting timing...
8/15 News
8/15 NT 10-Q - Delay of Quarterly Report
8/16 Pump by GoldPennyStars
8/16 PPS increase on light volume
That makes perfect sense and is what GDSM stated...
... Our priority and resources needed to be directed at the opportunity to potentially acquire a ready to produce property. We considered this to be a major chance for the Company to execute on its plans to build shareholder value.
Marc Lovito, President of Gold Coast Mining, commented "In addition to being on the verge of adding a property ready for production, we have received encouraging results from Western's efforts on the Gold Star JV. We will continue to advance the development of Gold Star as we move forward with the Azurite acquisition. Although updates have been slow as of late, we expect a steady flow of exciting developments for our company and shareholders in the weeks ahead."
I agree and I think we will see more about this soon. GDSM / WSRA just entered the agreement on Tuesday.
SIRG is deeply involved with Asher. Link to a post explaining...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78493485
SIRG was downgraded even if only for a day. Link with pic...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78572104
I don't know what their "Master Plan" is but the MOP being "accepted" is still in question whether or not that means received or approved. The word 'accepted' when used as a verb means received and when used as an adjective means approved. Which form of word is used in the PR?
As far as share ownership... I'm looking into that now and the relationships between the involved parties and how the shares were acquired is getting very interesting. Here is the 13D for anyone interested.
http://www.sec.gov/Archives/edgar/data/1076966/000110801711000139/sc13d.htm
Item 3. Source and Amount of Funds and Other Consideration.
All of the shares of Common Stock beneficially held by the Reporting Person were acquired in a Asset Purchase Agreement between the Registrant and Medina Property Group, LLc. in April 2010.
Item 5. Interest in Securities of the Company.
(a) and (b) Martin is the beneficial owner of an aggregate of 9,700,000 shares of Common Stock of the Company, representing approximately 8% of the total issued and outstanding shares of Common Stock as of March 21, 2011. The shares are owned 9,700,000 shares in the name of 5277 Partners, LLc.
That obviously can't be the case since the filings clearly state how many shares he has and the majority of those were given to him (not purchased).
This was explained in the following post...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78572921
Interesting how news comes out right around the time Asher should have shares to dump. Coincidence?
Actually accept and receive are almost identical.
Definition of ACCEPT
transitive verb
1
a : to receive willingly
So I guess the BLM willingly received the MOP when it was handed to them.
Maybe trying to spike the price for more dilution? How did you like that $42 paint on the tape at close today to claim 'up 33%'? That was just about as much to get excited over as the news.
It is not uncommon for CEOs to be paid based on performance. It is safe to say that once the GoldStar and Azurite claims are in production, the CEO and investors (us) will be well compensated.
Why proceed if it isn't profitable. Profitability has already been determined...
"We, along with our investors and partners, realize that we have a tremendous potential opportunity here with Azurite. With all of the historical data that exists, recent gold prices and the ability to move from the completed funding phase to the production phase in such a short period of time, we can't help but to be excited."
The Company maintains the position that while it may need to issue shares as debt is settled and as part of securing funding for the joint venture, management has been and remains committed to no reverse splits and/or toxic financings as part of this process.
GLTY matey!
Don't worry. There is plenty of time to get up to 4 million shares and probably at a much lower PPS. Asher is nowhere near done with SIRG yet.
That is true. The wording is clever I'll give them that. They might as well have said... "We handed the BLM our MOP today". Not very newsworthy IMO. I guess a fluff PR is better than nothing though. It will be interesting to see if this even brings any volume tomorrow.
Nobody claimed that funding is in place. Even if it were, funding a JV and elimination of debt are two separate issues. What we actually have are investors and partners that are working on the funding phase now.
Who says the CEO and BOD are getting paid? Show me where they are.
The venture will be profitable as soon as production begins. At $1600 per ounce (and soon to be much higher) profitability is easy to achieve with little volume.
The annual totals will be known 1 year from start of production.
There is no toxic financing here. Elimination of debt is not toxic financing.
So was funding and the permits issued at this town meeting?
A production goal is just that.. a goal. In other words it is merely speculation (hopeful / wishful thinking). Submitting something to the BLM guarantees... what?
Here are some questions that investors should ask...
If funding is in place, why do they continue to accept toxic financing notes from Asher Enterprises?
Since there is no revenue, how are the CEO and BOD being paid? (Hint: Asher notes)
How many years will it be before a positive cash flow will come from the Copper Chloride Mine if it ever opens?
Will the toxic financing and dilution continue until the mine is profitable?
Why has the company not publicly and officially announced anything regarding the mine in over 5 months?
Given that the CEO and BOD already approved an A/S increase to 1.5 Billion in Q1 of this year for the issuance of more shares to Asher, even though it got delayed due to NV state law, how much longer until it is increased?
How far will the PPS fall when this happens?
How much more dilution will occur when SIRG triples the amount of shares at their disposal?
No funding, no permits and no communication with its shareholders regarding the mine in over five months now. "Any day now" is when? Ever?
That is not what the filings say. He gets paid whether the mine opens or not. Plus, he did not buy millions of dollars worth of stock but instead was issued millions of shares of stock.
http://quotemedia.10kwizard.com/download.php?ipage=8329330&action=PDF&src=quotemedia&msrc=68a2dcc319463f7fa6367eee2437b37d
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. 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. Included in the agreement, Mr. Martin
shall also receive a stock bonus representing up to an additional 40 million option shares exercisable at $0.05 per share earned in the
following manner; 25% upon opening the Chloride copper plant, 25% when the company begins production at the Chloride Copper
Plant, 25% upon the Company’s generation of a cumulative $5 million in revenue, and 25% upon the Company’s generation of a
cumulative $10 million in revenue. At the time of the execution of this agreement, the bonus stock option price significantly exceeded
the current market price thus they currently hold no value. The employment agreement also calls for a standard benefits package.
On November 17, 2011, the Board of Directors through unanimous written consent, voted that upon completion and ratification of the
plan the Company will also grant stock options to J. Rod Martin, CEO. Mr. Martin will be granted an aggregate amount of
20,000,000 options exercisable at $0.05 per share in the following manner. 5,000,000 options vest six months after the date of the
consent, 5,000,000 vest six months after the company’s receipt of long term financing in excess of $1,000,000 and 10,000,000 options
vest six months after the Chloride Copper Mine begins operations. As of December 31, 2011 the option plan were not ratified and the
grants were not effective until the option plan was approved and effective. All options approved on November 17, 2011 are to be
included in a pending qualified stock option Which is expected to be effective in May 2012.
Effective March 10, 2011, the Company entered into a two month independent consulting agreement with J. Rod Martin, its current
CEO, in consideration for 200,000 shares of restricted Common Stock. The terms of the agreement were satisfied; however as of this
filing the Company has not issued these shares. 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.
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,
((3) Includes 5,057,467 shares which are earned, but have not been issued. These shares are disclosed in this 10-K under Item
12: Shares Subscribed, Not Issued. Had the 5,057,467 share been issued to Mr. Martin then his percent of all common
stock outstanding would be 3.5%.)
Excellent work! Thanks for the info!
All with private investor partner backing.
The Company is currently in discussions with its investors from Gold Star, to work together on bringing the Azurite development forward. The Company and the investors are in agreement on Gold Coast's continued commitment to develop these projects while avoiding toxic financing and/or a reverse split.
No doubt! This has set up nicely. Anyone else having trouble getting orders filled at the ask?
Same here! Today would be a great day for news given all of the attention and eyes on GDSM. IMO the the current PPS is an unexpected gift. Ground floor is a great place to be!
Agreed! Things are really starting to heat up around here!