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J. Rod's employment agreement requires a bonus at the end of each fiscal year. It is quite possible that the shares were merely provided to cover the bonus he was owed. It doesn't state that J. Rod received no cash payments in 2012, like the 2011 annual report does.
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.
Specifically, on December 28, 2011 our Board of Directors had authorized the designation of our Series A Preferred Stock, consisting of 1,000,000 shares par value $0.001 per share (the “ Series A Preferred Stock ”), in order to provide compensation to our chairman and chief executive officer for their ongoing services, in lieu of cash compensation required by their employment agreements, effective January 1, 2012.
Everybody works for free, right? What a joke!!! LOL
They have over $500K in debt either coming due or being renegotiated! That will easily eat through the A/S increase.
When you give shares away at 51% of the average of the LOWEST three closing trades, that is called TOXIC FINANCING! Any company that plans to continue to finance their operating expenses through Asher is digging themselves into a very deep hole IMO! Lol...
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. Because the convertible notes are convertible into an indeterminable number of shares of common stock, the fair value of the embedded conversion options are required to be presented as derivative liabilities and adjusted to fair value at each reporting date, with changes in fair value reported in the statement of operations.
Yep, all of the TOXIC financing is there to see in black and white!
J. Rod doesn't even hide the fact that he draws a nice $12,500 /month from his investors! He is getting paid for sitting back and waiting on the supposed permits to be approved. Lol...
All you have to do is take a quick look at some of their basic costs.
J. Rod’s Salary per month: $12,500
Barton R. Budman’s Salary: $8,333
1 Board Meeting: $5,000 / board member X 5 board members = $25,000
1 Telephonic Meeting: $1,000 /board member X 5 board members = $5,000
Total: $50,833
Board Compensation
Each member of the board of directors receives an annual compensation of an option to purchase one million (1,000,000) shares of common stock at eighty five (85%) percent of closing market price on the date of grant. 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.
Seriously? Did SIRG lie about increasing the A/S and O/S in the DEF 14C SEC filing?
SIERRA RESOURCE GROUP, INC.
9550 S. Eastern Avenue, Suite 253
Las Vegas, Nevada 89123
DEFINITIVE INFORMATION STATEMENT
Enclosed please find an Information Statement providing information to you regarding actions taken by our Board of Directors and by stockholders holding more than a majority of our voting power to authorize an amendment to our Articles of Incorporation increasing the shares of authorized common stock, par value $0.001 per share, from 460,000,000 to 990,000,000, consisting of:
a. 970,000,000 shares of Class A common stock
b. 10,000,000 shares of Class B common stock, and
c. 10,000,000 shares of preferred stock.
These actions were approved by our Board of Directors and by approximately 51.60% of the outstanding shares of our Company entitled to vote, constituting the majority voting power necessary to approve these actions on September 7, 2012.
This Information Statement is first being mailed on or about December 27, 2012 to all stockholders of record as of September 20, 2012 and we anticipate the effective date of the amendment to our Articles of Incorporation to be January 16, 2013, or as soon thereafter as practicable in accordance with applicable law.
WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
Immediately upon effectiveness of the Articles Amendment, certificates for 21,390,799 shares Class A Common Stock shall be issued.
Exactly, and SIRG comes out and says their only method of financing left is through Asher! My question is, how are do they have "negligible cash on hand and many overdue bills" when they have notes in excess of $500K over the past year?!?!
At the meeting of December 28, 2011, all then board members, Timothy Benjamin, Ricardo Cordon, Luis Munoz, and Michel Rowland, were present. The Company’s dire financial situation was discussed. At the time, the Company had negligible cash on hand and many overdue bills, including respecting the mine property that is the Company’s principal asset. Our Board of Directors reviewed the Company’s funding needs, and concluded that continued working capital from Asher was the only alternative.
The A/S increase to 990M will be processed on or around Jan. 16th, 2013. At that time the O/S will immediately increase by over 20M. Dilution is inevitable! You will be able to get shares MUCH CHEAPER very soon!!!
That is purely speculation, there are no facts involved! LOL...
A poster wrote a check to WSRA for $50,000 for which I believe received 4,000,000 GDSM Series E shares
Not finger pointing, just pointing out facts.
The Give It Your Best Shot entries have been updated. MWIP sure is looking good!
Companies lie all the time, but rarely do they lie to make themselves look worse! LOL...
The problem I see with anyone adding shares even once the TOXIC financing companies tank the stock is who is to say that SIRG can actually get into production with the current increase?
SIRG has an operating cost of over $80K /month.
They owe over $500K to financing companies already, and Asher is now going to become their main source of financing.
Asher dilutes without any regard for the PPS.
I could easily see either another A/S increase or a R/S in the future for SIRG. When a company comes out and says their only option is to borrow from Asher, you know the hole they dug is pretty darn deep!!!
They are so deep in short term TOXIC debt that they are borrowing money from one company to pay the others off. The old saying "borrowing from Peter to pay Paul" seems fitting right now!
It's all there in the most recent filings! Saying dilution isn't going to occur after an A/S increase that over doubles the current A/S, is kind of like saying that December, 2011 was a long time ago.
The O/S will be increased by over 21M shares on or around 1/16/13.
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
2,200,000 shares are pending issuance to J. Rod Martin, CEO, in consideration for 2010 consulting agreements.
2,857,467 shares are pending issuance to Blackpool, Inc. in consideration for a 2011 debt conversion.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8906973
"Our Board of Directors and our management do intend that, immediately upon effectiveness of the Articles Amendment, certificates for 21,390,799 shares Class A Common Stock shall be issued to J. Rod Martin (our CEO), Blackpool Partners LLC, Grand View, Shadow Capital LLC, and the Oak Street Trust. In addition, 3,000,000 shares of Class A Common Stock are pending issuance to Tangiers Investors LP in consideration for a debt conversion."
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8987505
With 20M shares hitting the market on or about Jan 16th, there isn't sufficient bid support to absorb them IMO.
The week after next, there will be a 550M increase to the A/S and an immediate 20M increase to the O/S. For some reason, I just don't see the pps going up without some sort of promo. LOL...
It will be a competition to see which toxic financing company can get rid of the shares first! From the looks of the most recent filing, the only company that is willing to provide additional financing is Asher. They are having to renegotiate too many notes for the other financing companies to continue to fund them. IMO
That was from all of 8 days ago! LOL...
our Board members considered how to move the Company forward by increasing the amount of authorized shares of the Company’s Class A Common Stock in order to facilitate further funding from Asher. The increase of the Company’s authorized shares was required both for compliance with the Company’s then current contractual obligations to Asher and for additional short term funding from Asher.
Agreed!
For anyone curious where SIRG's future funding is coming from, this paragraph states that SIRG intends to utilize more Asher TOXIC FINANCING to fund their $80K /month operating expenses!
At the meeting of December 28, 2011, all then board members, Timothy Benjamin, Ricardo Cordon, Luis Munoz, and Michel Rowland, were present. The Company’s dire financial situation was discussed. At the time, the Company had negligible cash on hand and many overdue bills, including respecting the mine property that is the Company’s principal asset. Our Board of Directors reviewed the Company’s funding needs, and concluded that continued working capital from Asher was the only alternative.
The below statement indicates today.
Major selling continues
Sorry, but I don't view 50K shares as major dumping! LOL...
Major selling continues, huge dumping.
Shares are definitely cheap right now! It's nice to see that the uplisting process is progressing!
In other words, SIRG doesn't have to reserve any shares for their supposed "incentive stock option plan". They can continue to give them away freely to all of the TOXIC financing companies. Lol...
The Company may reserve no more than 250,000,000 shares of its Class A Common Stock for issuance pursuant to the terms of the incentive stock option plan, without requiring yet another approval of our stockholders to further increase our authorized shares. Although the Company is not yet required to reserve shares to satisfy the requirements of the plan.
At least we know when to expect the DILUTION to begin!
Thanks!
All I see is the cold hard truth that MASSIVE DILUTION is inevitable!!!
FACT: A/S Increase to 990M!
SIRG is over doubling their A/S to assist in covering notes due and so that they can take out additional notes with TOXIC financing companies like Asher!
(1) an amendment to our Articles of Incorporation increasing the shares of authorized common stock, par value $0.001 per share, from
460,000,000 to 990,000,000, consisting of:
a. 970,000,000 shares of Class A common stock
b. 10,000,000 shares of Class B common stock, and
c. 10,000,000 shares of preferred stock
(i) to ensure that the Company is in compliance with requirements for reserve stock set forth in its loan agreements with Asher Enterprises Inc. and other lenders as more particularly described below; (ii) allow the Company to raise operating capital that may be needed in the short term to continue its operations while seeking sufficient funding to re-open mining operations at the Chloride Copper Mine
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 Grand View Ventures on May 3, 2012 in the amount of $133,333. The note has an interest rate of 15% with the maturity date of November 1, 2012 (See Note 7).
The Company is currently negotiating new terms.
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 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 February 16, 2013 (See Note 7).
Yes, there are just over 20M shares that will hit the market as soon as the A/S increase is processed.
Capitalization Prior to the Articles Amendment:
Outstanding: 347,833,085
Capitalization Immediately Following the Articles Amendment:
Outstanding: 369,223,884
The instant the A/S increase is processed, the MASSIVE DILUTION will begin! They owe over $500K by the end of Feb. 2013, and their only method of payment is handing out more cheap shares to the toxic financing companies!
Agreed! They wouldn't want potential investors to actually look through their filings! If investors dig into the filings, they would see all of the TOXIC financing that SIRG is using!!! I wonder how many more Asher notes we will see in the next quarterly???
That entire board has gone downhill IMO. I don't exactly understand how some of the posts are even allowed!
Some of the TAs charge the company for every time a shareholder calls in to check the current SS. Perhaps they are using the TA that they are simply because it's cheaper!
Very misleading indeed!!!
Only time will tell if it is a good or bad move!
Steps backward!
A/S Increase to 990M!
an amendment to our Articles of Incorporation increasing the shares of authorized common stock, par value $0.001 per share, from
460,000,000 to 990,000,000, consisting of:
a. 970,000,000 shares of Class A common stock
b. 10,000,000 shares of Class B common stock, and
c. 10,000,000 shares of preferred stock.
We anticipate the effective date of the amendment to our Articles of Incorporation to be December , 2012, or as soon thereafter as practicable in accordance with applicable law.
Sierra Resource Group's MPO formally accepted
KINGMAN, Ariz., Aug. 15, 2012 /PRNewswire/ -- Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") announced today that its Mine Plan of Operation has been reviewed and accepted by The Bureau of Land Management. This formal acceptance has allowed Sierra to submit its draft Environmental Assessment in order to comply with the National Environmental Protection Agency. PR Newswire
Travis Snider, resigned, effective November 30, 2012.
The question that I have is the following. Will SIRG continue to file with the SEC without the stringent oversight of FINRA, or will they fall back to a lower tier?