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Nobody is disputing that they shouldn't or won't be paid/compensated at some point in the future. The only issue here are the lies being told that the management is sitting around doing nothing and "collecting a paycheck". No shareholder is going to be upset if management is compensated upon securing financing and opening the mine.
You can try and spin it however you want, but it doesn't change the facts. I will post it again, direct from the filings.
in consideration for the non-payment to them of ANY compensation since taking over the responsibilities of running the Company
I have repeatedly shown that the filings CLEARLY show that they haven't received any compensation. If you have proof that they have, feel free to share it with all of us.
No need to wonder, the filings clearly state what they get for compensation. They get a half million preferred shares which will for which they get $.10 per share when they get financing. The filings also clearly state that they won't get any common stock in exchange for these preferred shares.
The Series A Preferred Stock bears no dividends, does not convert to any class of common stock, is subject to redemption at $0.10 per share at the company’s election at any time and automatically upon the company obtaining financing of $1 million or more or upon consummation of such other transaction that, in the opinion of the Board, allows for the generation of at least $1 million in revenue.
You can acknowledge what ever you wish, however there isn't any "gibberish", "speaking with a forked tongue", or "double talk", the statement is quite clear. The management hasn't received ANY COMPENSATION up to this point.
You are incorrect again, it has been stated several times before, but I will say it again management is not collecting "paychecks"
The board also discussed how to structure a compensation value to the proposed preferred shares for Mr. Benjamin and Mr. Martin in consideration for the non-payment to them of ANY compensation since taking over the responsibilities of running the Company
Maybe my math skills are deficient, but I believe that December 8th until now is only 1 month (not 5 as you claim). Please refer to their website where they posted several updates.
http://www.sierragroupinc.com/category/company-news/
That is incorrect
From the 14C
for Mr. Benjamin and Mr. Martin in consideration for the non-payment to them of any compensation since taking over the responsibilities of running the Company after the passing of Company Chief Executive Officer Patrick Champney on August 23, 2011
Again no new information here. The Asher reserves are quite insignificant the 22 million RESERVED actually only converts to a maximum of 4.4mil convertible shares (Company to maintain a reserve of 5-times the Conversion Shares)
Yes you are correct that it is a completely meaningless filing. Form 24F-2 contains no relevant information about a stock and is simply a form required by the SEC to collect fees.
Definition of 'SEC Form 24F-2'
A filing with the Securities and Exchange Commission (SEC) that must be submitted annually by open-end management investment companies, face-amount certificate companies, and unit investment trusts. The form must specify the name of each series or class of securities for which the form is filed, and must be filed within 90 days of the end of the fiscal year during which the company has publicly offered such securities.
Investopedia explains 'SEC Form 24F-2'
SEC Form 24F-2, also known as "annual notice of securities sold," is required by rule 24F-2 under the Investment Company Act of 1940. The SEC uses this form to calculate and collect registration fees payable to the Commission by these companies.
Read more: http://www.investopedia.com/terms/s/sec-form-24f-2.asp#ixzz2GMAuj5XD
Not interesting at all, this has been known for quite some time.
This is interesting though- Mr. Cordon has $120k of his own money invested in the company.
Mr. Cordón acquired 3,000,000 shares on December 8, 2011 at $0.0015 per share in a private transaction with an existing stockholder which a Form 4 has not been filed. Mr. Cordón acquired 1,000,000 shares on June 5, 2011 at $0.0075 per share in a private transaction with an existing stockholder
This is also quite interesting
The board also discussed how to structure a compensation value to the proposed preferred shares for Mr. Benjamin and Mr. Martin in consideration for the non-payment to them of any compensation since taking over the responsibilities of running the Company after the passing of Company Chief Executive Officer Patrick Champney on August 23, 2011
Despite what many have said, as it turns out the CEO and Chairman of the Board are NOT sitting around Collecting a fat paycheck for doing nothing. Given his compensation is dependent on securing financing and or producing revenue, I would say that he has a significant interest in getting the mine up and running.
Let's be ACCURATE, Sierra Resource Group has been the one that has been battling the government agencies to gain the necessary permits not some other company as you suggest. Would you mind elaborating as to which company did the leg work on their Mining Operations Plan? Would you mind telling us which company should get credit for their Aquifer Protection Permit? Which company do you think should get credit for their Environmental Assessment? Let's be ACCURATE Sierra Resource Group has accomplished a great deal this year and should get credit for the hard work that they have done.
Anyone can track the status of the permit at the following site
http://www.blm.gov/az/st/en/info/nepa/log.html
Here is what it currently says.
DOI-BLM-AZ-C010-2012-0055-EA
Mining Plan of Operations for Sierra Resource Group, Inc.'s Chloride Copper Mine
PD Lands
7/27/2012 EA in Progress
Paul Misiaszek
That is 100% false. Currently at .0068 x 25k and .0069 x 175k
Wrong Again, they issued them a loan in in July 2012.
I guess I missed the lecture in my Finance 101 class where you would be told to continure lending companies that you "frown" on. Flat out if they were the least bit concerned with the non-compliance issue they would have stopped lending to them all together.
Can you share with us all a link showing where they "frown" on those companies? Do you have any PROOF of this or is it simply your opinion again?
By this point everyone on the board knows that problem has been corrected.
Accurate and Factual information can be easily obtained from the current 10Q which clearly shows that the terms are for the lowest CLOSING prices.
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
http://www.sec.gov/Archives/edgar/data/1076966/000119312512469513/d427398d10q.htm
Being realistic there is no PROOF that Asher thinks that SIRG is at a higher risk level. SIRG has has satisfied all of their past notes which would likely reduce their perceived risk. Without PROOF this is nothing more than your biased opinion. In general loan the interest rate is tied to the risk level and not the loan term. You will note that the interest rate with Asher has remained constant throughout their relationship.
Please provide PROOF that "Nobody" wants to provide funding to a company with notes coming due. Are you a banker who has personally rejected these type of financing options?
Looking at what is verifiable is that they have an accepted MPO, they have hired a very a top 25 Engineering Design firm to handle their APP permit and are working diligently towards obtaining the necessary permits.
There is absolutely no proof that Asher believes they are a "higher risk", this is simply your opinion and nothing more, and is based on no knowledge of the negotiations between the companies or the reasons behind the changes. You have no idea who asked for the shorter terms, for all you know Sierra Resource Group could have asked for shorter terms because they believe that will have secured financing prior to maturity and is consequently using shorter terms. There will be no need for the short term notes once the long term financing is in place.
Over what time frame did you short your shares? The total short volume over the last month is only about 500k shares.
Over what time frame did you short your shares? The total short volume over the last month is only about 500k shares.
That is incorrect, it is the 3 lowest closing prices, not trades as you stated there is a significant difference between the 2. The terms are clearly stated in the latest 10q. Please stick to the facts
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 9, 2012 in the amount of $37,500. The note had an interest rate of 8% with the maturity date of October 11, 2012. This obligation has been satisfied as of September 30, 2012 (See Note 7).
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 and a convertible note with a face value of $30,000 was settled with cash.
Already converted during July, August and Sept and the O/S was adjusted to accommodate those additional shares. DONE DEAL - OLD NEWS!
I just verified with Danielle @ Pacific that the O/S still remains at 347mil. I have never tried emailing them, however every time I have called they have been very friendly and will give you what ever information you need.
So if today is the bottom, looks like we should be buying shares. The best way to buy a stock is to buy at the bottom and sell at the top.
Which report are you basing your comments on? The Rizzo report increasing the reserves, the tailings report showing that there is nearly 9 million pounds of copper worth roughly $30million?
That is sound advise, I would suggest that you do a little DD before you start screaming the sky is falling. There have been no paid promotions as you stated, there has been no dilution that you claim, and the stock didn't plumet to .004 yesterday like you claimed.
That is not the chart for SIRG (Sierra Resource Group) that is the chart for SRGE