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.
That was filed to show that he had paid the taxes requested and the lien was removed. That looks like he was trying to take a step in the right direction.
https://officialrecords.broward.org/oncoreV2/showdetails.aspx?id=51978746&rn=0&pi=0&ref=search
Please show me where SIRG states they have a long term financing partner.
They haven't said anything about financing for quite some time, as far as I know. The only facts available to investors about their financing are the financials filed with the SEC, and the majority of that is TOXIC financing.
Very unlikely!
It is indeed true. "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."
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's operating costs of over $80K /month are exorbitant to say the least. If the CEO was serious about financing the company instead of his $12,500 /month salary and $5K per BOD member for every meeting held, maybe I would view him slightly differently. He has sat back and done nothing while drawing $12,500 /month. Why work when you can do nothing and make money off of the shareholders???
Grand View was in the position to force SIRG to accept any terms they wanted due to the fact that SIRG blatantly ignored every term within the notes provided, and I believe they did just that. Is it normal for companies to take out over $300K in notes, and never comply with a single term of the notes? That is simply unacceptable!
As far as the BLM interview is concerned, it is being used to try to take peoples eyes off of the bigger issues like Asher dilution, the Forbearance terms and what will happen if they default on ANY of their payments to their many financing companies.
Considering the amount of time it has taken to get the MPO alone through, with the BLM opening it the second time, it is HIGHLY UNLIKELY that they will be able to get anything through the BLM without a long waiting period.
The filings are where the real truth is found!
http://www.otcmarkets.com/stock/SIRG/filings
Instead SIRG dumps millions of shares via TOXIC financing through Asher! They are still using their stock as an ATM machine through TOXIC financing. It doesn't really matter if they are dumping themselves or if a TOXIC financing company is dumping the shares given to them by SIRG for notes due. Either way is bad for shareholders!
From May 2011 through July 2012, SIRG gave Asher Enterprises over 211M Shares!!!
January 3, 2012 through July 31, 2012 the Company issued Asher Enterprises a total of 124,879,081 shares of the Company’s Common stock.
From May, 12, 2011 through December 31, 2011 the Company issued Asher Enterprises during seventeen dates a total of 86,672,004 shares of the Company’s Common stock.
All I have to go by are the facts that are provided in their filings. Stating anything other than what is provided by the company directly is nothing more than speculation.
The fact is, SIRG failed to follow through on EVERY SINGLE ASPECT of the Grand View Ventures notes. How hard is it to comply at least once by giving them the 10% of any new notes received???
Fact: SIRG has a history of defaulting on notes, and this time they must not only comply with the terms of the Grand View Ventures Forbearance, but also ALL of their other notes. They cannot miss a payment, or they immediately go into default with Grand View and they can lose the mine.
Failure to make payments on time = Default = Lose their 80% interest in the Chloride Copper Mine
In other words, the calculations can't be located. If it could, it would be easy to just copy and paste it here. I haven't ever seen the math, and I have been here for quite a while. Maybe it doesn't exist!
I would think the current investors would want potential new investors to see the calculations so that they could confirm the valuation with minimal effort. I can post any "valuation" I want, but without providing the method of calculating that value, it's just seen as BS.
Are you in this one Cubs?
I have seen several individuals post that "valuation", but nobody has ever provided the math for verification. Maybe it's just a made up number that sounds good? Lol...
I heard the same potential pps "0.035" from you when the A/S was 440M. Wouldn't the increase in A/S by over two fold decrease the target potential by at least half???
The people that grabbed those shares sure are happy right now!
Any potential new investors should look at the company's filings initially. They will see SIRG's history of TOXIC financing, and the fact that SIRG may lose their 80% interest in the Chloride Copper Mine in under 6 months. There is also the most recent A/S increase to 990M so that they can secure additional funding through the TOXIC financing company, Asher!
http://www.otcmarkets.com/stock/SIRG/filings
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
FIMA's share structure is pretty sweet! It sure doesn't take much to move it!
As I previously stated:
With over $600K due or coming due to SIRG's financing companies, one of which is HIGHLY TOXIC, their financing opportunities will be limited.
No money changed hands in the forbearance agreement! Grand View knows better than to give SIRG any additional funding when they didn't follow a single portion of the initial agreement!
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.
Only time will tell if they get long term financing. At this point, NO LONG TERM FINANCING HAS BEEN DISCLOSED! If they had permit contingent financing, they would have announced it by now IMO!
It is HIGHLY LIKELY that they will be giving shares to their current TOXIC FINANCING companies to cover the notes coming due! Those shares will be dumped into the bid as usual, and there is absolutely no bid support to absorb those shares at this time.
There is a huge difference in a Forbearance Agreement and a new loan!
Effective January 10, 2012 the Company has entered into a Forbearance Agreement
NO, THE ACTION THEY TOOK WAS NOT TO GRANT ANOTHER LOAN!
THE ACTION THEY TOOK WAS TO SECURE THE LOANS THAT SIRG HAS ALREADY DEFAULTED ON!
Grand View knows that the mine is a HUGE risk, and of course they would rather have their money!
With over $600K due or coming due to SIRG's financing companies, one of which is HIGHLY TOXIC, their financing opportunities will be limited.
Very few if any financing companies will provide funding to a "start up" company that is so deep in debt already.
The Company entered into a Convertible Promissory Note with Grand View Ventures on February 16, 2012 in the amount of $190,000. The note has an interest rate of 15% with the maturity date of July 15, 2013.
The Company entered into a Convertible Promissory Note with Grand View Ventures on May 3, 2012 in the amount of $133,333. The note has an interest rate of 18% with the maturity date of July 15, 2013.
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 the maturity date of April 19, 2013.
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 the maturity date of January 1, 2013.
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.
"Did Grand View chase SIRG down and yell and scream before?"
Instead of screaming, they took action.
If SIRG fails to make payments to any of their financing companies, it is now considered a default on the Grand View Ventures notes.
c. Event of Default — Failure to Make Required Payments. In connection with, and as condition precedent to the extension of the Maturity Dates of the February Note and the May Note detailed in Section 5.b. above, Sections 4 of both the February Note and the May Note shall be amended as set forth in Exhibit C to state that an additional Event of Default shall be “the failure to pay interest or principal when due on any outstanding obligation of the Company (if such outstanding obligation is greater than $10,000) when due including but not limited to the FOGO, Inc. note or any Asher Enterprises, Inc. note, unless such failure is waived in writing by the holder of such obligation. Holder shall be able to rely on the terms of such obligations as provided to Holder previously or any of the Company’s SEC filings to determine when the Company is obligated to make such interest and principal payments and may presume such payments were not made or such obligations were not modified unless and until delivery of reasonable written evidence to Holder to the contrary.”
d. Event of Default — Failure to Pay Claim Maintenance Fees. In connection with, and as condition precedent to the extension of the Maturity Dates of the February Note and the May Note detailed in Section 5.b. above, Sections 4 of both the February Note and the May Note shall be amended as set forth in Exhibit C to state that an additional Event of Default shall be “failure of the Company to pay all 2013 Claim Maintenance Fees associated with the 51 Chloride Copper Mine claims with the BLM and to provide written documentation of such payment to Holder prior to July 1, 2013.”
(a) the May Note shall bear an 18% interest rate from November 1, 2012 forward, (b) a deed of trust on the Company’s 80% interest in the Chloride Copper Mine shall be filed to secure the February and May Notes , (c) the exercise price associated with Warrants issued in connection with the February and May Notes shall be reset
4. Forbearance Requirements. The Company covenants and agrees that in consideration for entering into this Agreement that it shall perform (or agree to the terms of, as the case may be,) the following:
a. Default Interest. From and after November 1, 2012, the May Note shall bear interest at the default rate of 18% per annum and shall compound quarterly until the Amendment to the May Note has been executed by the Company, as specified in Section 5(f) herein.
b. Payment of Attorney Fees. The Company shall pay the attorney fees of Holder in the amount of $17,500, such fees shall be added to the principal of the May Note and bear interest at the rate specified in Section 4.a. above.
c. Amendment to Security Agreement. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder an executed amendment to the Security Agreement that shall state specifically that the February Note and the May Note shall be secured by a deed of trust on the Company’s 80% interest in the Chloride Copper Mine. A copy of such amendment is attached as Exhibit A.
d. Execution of Deed of Trust. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder a fully executed and acknowledged deed of trust securing the real property underlying the mining claims of the Company. A copy of the deed of trust is attached as Exhibit B.
e. Execution of Section 13 Amendments. Simultaneously upon the execution of this Agreement, the Company shall deliver to Holder an executed amendment to the May Note and the February Note substantially in form as attached as Exhibit C.
f. Delivery of the May Shares. Pursuant to its Definitive Information Statement filed on December 27, 2012, and pursuant to Rule 14c-2 under the Securities Exchange Act of 1934, the Company will submit the amendment to its articles of incorporation providing for the increase of the authorized Common Shares to the Nevada Secretary of State for filing on January 16, 2012, along with the statutory fees for 24-hour expedited filing. Within five business days of the filing date of the Company’s amendment to its articles of incorporation, the Company shall direct its Transfer Agent to deliver to Holder, Shadow Capital LLC, and Oak Street Trust the following Common Shares representing Common Shares owed to the proceeding entities from the securities purchase agreements between the Company and such entities dated May 3, 2012.
Deed of Trust:
Transactions involving trust deeds are normally structured, at least in theory, so that the lender gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a trust deed giving the property to the trustee (GRAND VIEW VENTURES) to be held in trust for the lender/beneficiary.
A deed of trust has a crucial advantage over a mortgage. If the borrower defaults on the loan, the trustee has the power to foreclose on the property on behalf of the beneficiary. In most U.S. states, a deed of trust (but not a mortgage) can contain a special "power of sale" clause that permits the trustee to exercise these powers. Here is the standard conveyance clause from a Freddie Mac "uniform instrument":
"Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property.."
What happens when you don't pay your mortgage? YOU LOSE YOUR HOME!
The difference here is that the notes in their entirety are due in less than 6 months. With no source of revenue, SIRG will likely be unable to pay the amount due. That will result in foreclosure on their interest in the mine.
Actually, SIRG was supposed to file a deed of trust against their 80% interest in the Chloride Copper Mine the first time to secure the two Grand View Ventures notes, but they failed to do so.
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.
1. Ratification and Reaffirmation of Obligations and Liens. The Company hereby ratifies and reaffirms the validity and enforceability of all of the obligations under the February Note, the May Note, and the Security Agreement and agrees that its obligations under such agreements are its legal, valid and binding obligations enforceable against it in accordance with the respective terms hereof and thereof and that it has not asserted a defense (whether legal or equitable), set-off or counterclaim to the payment or performance of such obligations in
accordance with the terms of such agreements.
I'm always happy to provide clarification!
Five days after filing the forbearance (Jan 16th, 2013), SIRG had to deliver the over 7M shares to their various financing companies. If they failed to do so, they would lose their 80% interest in the mine.
Anti-Dilution Shares. Within five business days of the filing date of the Company’s amendment to its articles of incorporation providing for the increase of the authorized Common Shares, the Company shall direct its Transfer Agent to deliver to Holder, Shadow Capital LLC, and Oak Street Trust the following Common Shares that represent anti-dilution Common Shares owed to the preceding entities as of November 20, 2012.
Entity Common Shares
Holder — February Note 5,045,000
Holder — May Note 1,002,000
Shadow Capital LLC 668,000
Oak Street Trust 668,000
21,390,799 shares have been recorded and disclosed in Company public filings, but have not been issued to stockholders.
6,666,666, 3,333,333, 3,333,333 shares are pending issuance to Grandview Ventures, LLC, Shadow Capital, LLC
and Oak Street Trust respectively in consideration for May 12, 2012 investments. 3,000,000 shares are pending issuance to Tangiers Investors, LP in consideration for a debt conversion.
Capitalization Prior to the Articles Amendment:
Outstanding: 347,833,085
Capitalization Immediately Following the Articles Amendment:
Outstanding: 369,223,884
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.
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.
During the three months ended September 30, 2012, a convertible note with a face value $37,500 was converted into 12,212,798 shares of common stock. (0.003pps)
TERMS:
The notes mature nine months from the date of issuance, bear interest at an annual rate of 8%, and are convertible into common stock of the Company at the option of the holder at a conversion rate equal to 51% of the average of the lowest three closing trading prices of the Company’s common stock during the ten trading days immediately preceding the conversion date.
2.75M shares went off at or below 0.0055 today. Three EOD paint jobs allowed it to close green. It looks like one of the toxic financing companies is testing to see if there is any support before they begin to really dump.
Man, I must have had it all wrong for all these years! Haha...
They all covered by convincing the weak hands to sell!
Why, yes they are. They do not expect the permit approval until April 2013.
Thanks for pointing out that the document was filed on Jan. 14, 2012! It's nice to see that the lawyer is bringing all of the filings up to date!
Actually, SIRG has already stated that they do not expect to have the permits completed until April 15, 2013. It's going to be a bit if you are waiting on permit approval.
Finding of No Significant Impact certificate (the “ FONSI Date ”) for the Company (currently scheduled for April 15, 2013)
Can anyone clarify why the following information is available from OTC Markets on SIRG? Why hasn't SIRG changed their Industry Classification to "SIC - Industry Classification 1000 - Metal Mining"? Why haven't they ever changed from a shell company???
Profile Data
SIC - Industry Classification 6770 - Blank Checks
Business Status Development Stage Company a/o Jan 01, 2010
Shell
Agreed! Someone knew about this early today and started buying up all they could from .001-.0011 IMO.
Agreed ttmasher!!!! That means GDSM can now move forward!
It's not shocking how poorly SIRG is performing since they just filed a Deed of Trust, essentially a lien, against their sole asset, 80% interest in the mine to get Grand View to give them 6 more months to pay back the over $330K note. Grand View Ventures may very well own the Chloride Copper Mine soon IMO!
Yes, the $17,500 is added on top of the $330K. I haven't looked into it enough to see if that is also going to draw the 18% interest. Indeed, the hole is getting deeper. Where does it end??
Grand View doesn't care one bit what happens to the company as long as they get their money back. They will likely put the mine up for sale if/when they take the property due to SIRG defaulting on the notes. If Grand View takes over possession of the 80% interest in the mine, SIRG will go back to being a shell company since it is their SOLE ASSET. Lol...
I'm hoping for the uplisting!
Yep, I vividly remember going over this MANY times with some of the investors here that say he "hasn't sold a single share". Obviously, HE HAS SOLD MANY SHARES! Lol...
All you have to do is read the filing.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095