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joseytheoutlawwales ---I was thinking the same thing early.
I have more shares than were traded early on. I am sending more powder to my account today, takes about three days before I am able to use it. the fact mms are walking it down is a blessing
which I will yake advantage of. This going to be a long ride for me.
why would a pro spend time here.?
Sierra Resource Group Signs Binding Letter of Intent to Acquire Half of the Minority Interest in the Chloride Copper Mine
18 hours 57 minutes ago - Pr Newswire
Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company") announced that its board of directors has approved a Letter of Intent with the Medina Property Group LLC, owners of a minority share of the Chloride Copper Mine. The letter is a binding agreement for the parties to proceed to a final document for the purchase by the Company of half of the 20% minority interest in the Chloride Copper Mine from the Medina Property Group, LLC, in exchange for a cash payment of $1,200,000 and 20 million shares of Class A Common Stock of the Company. When concluded, the purchase would increase the Company's majority ownership in the Chloride Copper Mine from 80% to 90%.
Well I thought they would do them both together so I was as surprised as you. Maybe we will get the next WAG right.
lmcat ---Do you think they will be releasing another release
on Monday or soon afterwards explaining the financing?
Do you have a WAG??---LOL
joseytheoutlawwales ---I could not have said it better myself.
please explain 3 days till funding
SaltyMutt---I do not know who does the voting but for what its worth---you have my vote for sure
SaltyMutt ---now you are talkin my kind of celebration----GROG
Sounds so good with million I picked up yesterday.
please no more critter fritters. bad for the stomach. yo ho ho
and a bottle of rum.
The Definitive Agreement shall be completed and executed on or before March 19, 2012 (the "Closing Date"), unless both parties agree to an extension not to exceed 10 days.
We mat have news on the 19th.
SaltyMutt' iooo trade. must have been the critter fritters
that caused an upset stomach. hope they get that out of their system. lol
news of LOI and financing details is estimated to be Monday 19
why not rent a Helicopter and take a panoramic view shot. Maybe SIRG already has a picture.--lol
Reasons for the Increase in Authorized Common Stock
The Company has entered into a series of agreements with Asher Enterprises Inc. (the “Asher Agreements”), to provide working capital for the Company’s operations while the Company raises a higher amount needed to re-open operations at the Chloride Copper Mine. These agreements were previously disclosed in the Company’s filings with the Securities and Exchange Commission on April 15, 2011, August 15, 2011and November 16, 2011. The Asher Agreements require, among other things, that the Company maintain a reserve of authorized but unissued Class A Common Stock (the “Reserve Shares”) in an amount 5-times the number of shares into which the outstanding debt of the Company to Asher Enterprises is convertible (the “Conversion Shares”). With the recent share price drop that the Company has experienced, the number of Conversion Shares has increased and the number of required Reserve Shares increased proportionately. As a result, the number of required Reserve Shares exceeded the number of authorized but unissued shares of the Company’s Class A Common Stock, and the Company became noncompliant with the contractual requirement. The increase in the number of authorized but unissued shares of Class A Common Stock will both (i) place the Company back into compliance with the contractual requirements and (ii) enable the Company to borrow further amounts from Asher Enterprises for short term working capital to keep the Company operating while efforts continue to raise sufficient funds to re-start mining operations at the Chloride Copper Mine.
Further, the increase in the number of authorized but unissued shares of Class A Common Stock would enable us, without further stockholder approval, to issue shares from time to time as may be required for proper business purposes, such as raising additional capital for ongoing operations, business and asset acquisitions, stock splits and dividends, present and future employee benefit programs and other corporate purposes. Due to the current state of the U.S. and international capital markets, we anticipate that we will need to issue a significant number of shares of our Class A Common Stock or securities convertible into or exercisable for shares of Common Stock to raise financing to meet our working capital needs. In addition, the authorization of additional shares of Common Stock will provide us with the flexibility from time to time in the future to seek additional capital through equity financings in a competitive environment and to use equity, rather than cash, to complete acquisitions.
Having such additional authorized shares of capital stock available for issuance in the future should give us greater flexibility. The increase in the authorized number of shares of our Common Stock will permit our Board of Directors to issue additional shares of our Common Stock without further approval of our Stockholders and without the related expense and delay of a special stockholders’ meeting. Our Board of Directors does not intend to seek stockholder approval prior to any issuance of the authorized capital stock unless stockholder approval is required by applicable law or stock market or exchange requirements.
-4-
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In addition to financing purposes, while not the purpose, having additional shares authorized and available for issuance would allow us to issue shares of Common Stock that may make it more difficult or discourage an attempt to obtain control of our Company by means of a merger, tender offer, proxy contest or other means. When, in the judgment of our Board of Directors, this action will be in the best interest of our Stockholders and our Company, such shares could be used to create voting or other impediments or to discourage persons seeking to gain control of our Company. Such shares also could be privately placed with purchasers favorable to our Board of Directors in opposing such action. The existence of the additional authorized shares could have the effect of discouraging unsolicited takeover attempts. The issuance of new shares also could be used to dilute the stock ownership of a person or entity seeking to obtain control of our Company should our Board of Directors consider the action of such entity or person not to be in the best interest of the Stockholders. The issuance of new shares also could be used to entrench current management or deter an attempt to replace our Board of Directors by diluting the number or rights of shares held by individuals seeking to control our Company by obtaining a certain number of seats on our Board of Directors.
Principal Effects of the Increase in Authorized Common Stock
The Articles Amendment: (i) puts the Company into compliance with the contractual requirement to maintain a reserve of its authorized but unissued Class A Common Stock pursuant to the Company’s loan agreements with Asher Enterprises, (ii) enables the Company to borrow additional funds from Asher Enterprises as needed for short term working capital, and (iii) will increase the ability of our Board of Directors to issue shares without further action or vote by our Stockholders, including for potential capital-raising purposes and acquisitions of other businesses or assets. The issuance in the future of such additional authorized shares may have the effect of diluting the earnings per share and book value per share, as well as the stock ownership and voting rights, of existing holders of our Common Stock. Such dilution may be substantial, depending upon the amount of shares issued. It may also adversely affect the market price of our Common Stock.
Capitalization
sorry I meant the following Monday 19th
good luck with all your shares
druzela----next monday is the 19th. I would expect aa announcement
about that time frame.
joseytheoutlawwales
I like that number a lot. It will make this Polish guy
buy a bottle of rum.
based on what????
lmcat --- now formulating another plan for SIRG. SENT YOU AN e-mail. do you think mms will walk it back down today???
maybe--.0035
druzela---you hit it on the nail head--last price was as predicted .004
I WOULD SIGN UP FOR A DESERT MEETING----RUM ON ME
thar she blows---cork has been poped---- 10000 at .0033
.0036 slowing down the party---MMS WILL ADJSUT
i will be the bartender---free rum for the first hour, belly up to the bar boys and girls.
STRANGE---Market open 10 minutes and no activity--Is everyone taking a rum break??
lmcat ---Good MORNING---would you happen to know the processing time from tailings to ready for sale approximately?
TIME IN THE STEW??
SaltyMutt--- YO HO HO me thinks a bottle of rum will quinch me thirst!!
SMITTER- GOOD MORNING
Hope things are going better for your family.
I was kinda confused by this statement in the e-mail
No permits have been applied for on BLM and won't be until the funding is in.
DLJ
IS HE REFERING TO THE PRODUCTION PHASE?? i WOULD THINK PERMITS WOULD BE APPLIED FOR AFTER COMPLETION OF PHASE 1 & 2 which has been funded.
I get confused on the " who, what. when senario---sorry
you could set up a discount broker acct like scott trade and many more
lmcat ---they do play games---huh thanks for your message
you know I can not reply not being a member. Those kind of numbers would blow my mind and I know my heart could not take it---LOL
I added 500k more today and now have 2.5 million. So you can see
how those kind of numbers would send me to the hospital. LOL
I AM REALLY LOOKING FORWARD TO MARCH 19. I WAS KIDDING THE BOARD
WHEN I SAID I WOULD SELL ON GOOD NEWS. ITS WAY TOO EARLY TO BE THINKING ABOUT SELLING.
SaltyMutt ---I think they will do well also. EOD WE WILL KNOW OF COURSE. looking forward to March 19 plus or minus a few days to see a PR(I hope). THat will be a very exciting day if everything
falls into place.
shorts are starting to cover--now in uptrend
Sprycel ---dont hold your breath---pure enthusiasm
maybe he can calculate what my 2million shares will be worth on march 19--of course I will be selling on good news
SaltyMutt----that was funny---always need a laugh early in the morning with coffee.
how about "Evaluation in process"
lmcat---somehow I dont think any thing is released until the LOI
IS FINALIZED ON MARCH 19. I would do all at one time, but thats me, not him
lmcat--I need one more day before I can pounce on it heavy again.
Hoping he drags his feet one more day before anything is released. It should pop up nicely on release of news.
will test fathoms .0015 before news leaks out
lmcat --- I was just refering to the two before market opening.
not totally sure how mms work but could that be clearing from yesterday???