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Here is what SIRG has done:
1. Increase their A/S to 990M from 440M.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
2. Increase the interest rate of the Grand View Ventures Note to 18%.
3. SIRG is required to if they haven't already filed a deed of trust to Grand View Ventures for their 80% interest in the Chloride Copper mine.
4. Extend their over $330,000 in notes due to Grand View Ventures all of 6 months, they now have just over 5 months until the notes are due. If they default, they lose the mine.
5. Increase the amount they owe Grand View Ventures by $17,500, due to the fact that SIRG is now required to pay the lawyer fees Grand View paid for the forbearance.
6. Take a new note out with Asher Enterprises in the amount of $32,500.
I would hope that at least a few penny miners are smart enough not to get themselves into this kind of situation!
We can type "WRONG" in caps and bold font all day long, but that doesn't change the facts! SIRG is spiraling downward quickly!!!
Are you really trying to say that the majority of start-up companies have a lien against their SOLE ASSET with a maturity date of less than 6 months? They have all of 5 months now to pay Grand View back over $330K, or SIRG will lose their SOLE ASSET, 80% interest in the Chloride Copper Mine.
Perhaps you should take a closer look at the forbearance document.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095
No company with any other options would sign such a document. LOL...
The big difference there is that you have a source of revenue to pay for your house, and SIRG doesn't have any source of revenue to pay to keep their interest in the mine. Thus, you get to keep you home, and SIRG could easily lose their % ownership in the mine.
I think it comes down to the fact that Grand View had SIRG in the position to demand whatever they wanted to demand. By the looks of the document, Grand View had their lawyers write up the forbearance document and told SIRG either you sign here or we begin proceedings against you. SIRG had no choice but to sign the document. Things sure aren't looking good for SIRG!
When you can make $12,500 a month for doing NOTHING, why lift a finger to actually do something? J Rod will just find another company to run into the ground after this one IMO.
I think good ole J. Rod is doing a darn good job of stopping SIRG all on his own! He doesn't need any help from others to lose the companies SOLE ASSET! Lol...
VERY TRUE! The most recent update was the 8-K filed on 01/16/13.
I do believe that having to provide a a deed of trust on the Company’s 80% interest in the Chloride Copper Mine to secure the February and May Notes" out ways the importance of a "Daily Miner" article.
On one hand we have the fact that SIRG has a lien against their sole asset, and on the other hand, the BLM said the permitting process is going alright. It doesn't matter how the permitting process goes if they lose their 80% interest in the mine!
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095
The only update that SIRG has had for quite some time is the fact that SIRG now has to provide a deed of trust to Grand View Ventures for their 80% of the Chloride Copper Mine, and that only gives them an additional 6 months to pay their notes to Grand View Ventures at an increase interest rate of 18%.
SIRG isn't "anticipating" the Finding of No Significant Impact certificate until April 15, 2013.
That only gives SIRG 3 months to find funding that will cover the greater than $330K they owe to Grand View Ventures.
If these are the kind of updates you are looking for, yep I see a HUGE update coming in 6 month telling investors that they defaulted on their Grand View Ventures note and no longer own 80% of the Copper Chloride Mine.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095
You sure know how to pick them Smitter! GO VDSC!
SIRG is continuing to acquire funding through Asher Enterprises, Inc.! SIRG is now in need of over $330K in funding by July, 2013, or they lose the 80% rights to the Copper Chloride Mine. I don't think even Asher is willing to give them that large of a note with a deed of trust on their mine. LOL...
Yes, just as many say, isn't it great to have a company that has to report everything in their filings? It shows just how deep of a hole they have dug for themselves!
Please provide a link to where it says Rod invested over $1M of his own money in this stock? J. Rod has been banking over $12,500 per month for sitting around and doing pretty much nothing. Why do something when you can get paid for doing nothing? LOL...
SIRG couldn't even pay Grand View the 10% they owed them from each new note they took out with other financing companies. What makes you think they can now pay them $330K by July?
Considering SIRG never actually had to pay anything for the Copper Chloride property other than a few shares, since the debt was written off, SIRG doesn't have much to worry about loosing.
Yep, all of 6 months before the Grand View Venture notes totaling over $330K with interest rates of 15% & 18% must be paid in full, or the 80% of the Copper Chloride Mine will no longer belong to SIRG.
SIRG has all of 6 months left afloat.
SIRG now has to provide a deed of trust to Grand View Ventures for their 80% of the Chloride Copper Mine, and that only gives them an additional 6 months to pay their notes to Grand View Ventures.
There is also the fact that SIRG is not "anticipating" the Finding of No Significant Impact certificate until April 15, 2013.
That leaves approximately 3 months for SIRG to find funding that will cover the greater than $330K it owes to Grand View Ventures.
Over the next six months SIRG must make all payments to all of the companies that have loaned them money, including but not limited to FOGO ($200K note). Seeing as SIRG couldn't even pay the interest on the Grand View note or for that matter even follow any of the guidelines set forth by the note, it is highly unlikely that they will be able to make payments on the Fogo note.
Once they default, they will no longer have the 80% of the Copper Chloride mine, and what do they have left then?
The A/S increase from 440M to 990M has been processed by the Nevada SOS. Now SIRG has plenty of shares to dump!
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
The A/S increase to 990M has been processed by the Nevada SOS. Now SIRG has plenty of shares to dump!
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&nt7=0
I picked up some shares for pretty cheap today! Now let's see just how high it can go!
GO VDSC!!!
Yes, in December 2011 they did agree to take the series A preferred stock "in lieu" of the compensation owed to them, which was made effective on Jan. 1, 2012!
The board of directors approved the current employment agreement with J. Rod on Feb. 20, 2012! AFTER THE SERIES A PREFERRED STOCK WAS ALREADY ISSUED!!!
It does not state they will not receive compensation until the mine opens!!!
Very true!
I don't know why there was such confusion. Lol...
That's why many people are here!
It's pretty clear that the statement is considered "BACKGROUND" information! Seeing as the Series A Preferred Stock was issued on Jan. 1, 2012, and the board of directors meeting was on Dec. 28, 2011, the fact that they did not make a salary in 2011 is old news. They don't state that they will not receive a salary in 2012.
The employment agreement would have stated that they were not going to draw a salary until the mine was open instead of $150K/year if they weren't planning on paying the officers!!!
The only thing that's actually clear is "that they had not been compensated up to December 28th 2011".
Other than that, you can't state with certainty that they aren't being paid under their current employment agreements. Their operating expenses definitely suggest that they are being paid!!!
OPERATING EXPENSES
For the Three Months Ended September 30,
$245,129
That's $81,710 per month!!!
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8914764
Once again, look at the location and date of the board of directors meeting that corresponds to that statement!
Yes, in December 2011 they did agree to take the series A preferred stock "in lieu" of the compensation owed to them, which was made effective on Jan. 1, 2012!
The board of directors approved the current employment agreement with J. Rod on Feb. 20, 2012! AFTER THE SERIES A PREFERRED STOCK WAS ALREADY ISSUED!!!
There would be no employment agreement if they were not going to pay J. Rod for his services provided.
That seems like pretty common knowledge! Everyone knows GDSM is almost fully diluted.
What about this is confusing?
I have shown where it states that J. Rod gets paid $150K annually until the mine goes into production many times now!
Here is what it says for Budman:
Of course they do!
That pretty much sums it up!
The A/S increase from 440M to 990M should be in place any day now! The filing stated on or around Jan. 16th, 2013.
If The employment agreement has a three-year term and is effective January 1, 2012, and the agreement provides for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine, he is being paid $150K annually UNTIL the mine is in production! Otherwise it would state he will begin making $150K once the mine is opened.
It seems pretty clear to me!
The statement "non-payment to them of ANY compensation since taking over the responsibilities of running the Company" is from the "Background" section of the filing. It is in reference to the decision that was made on December 28, 2011! It isn't stating they have not received payment this year, it is stating that they did not receive payment in 2011!
They are also a company that owes over $500K in notes by Feb 2013!
It would be nice to sit back and do nothing while banking $150K /year!
NO, the filings state management will get paid prior to the mine opening!
Once again, I think you may be looking at the wrong L2. There is quite a bit of bid support above .0008 on the GDSM L2.