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This in no way reflects on the credibility of the management staff. They have no control over how quickly the Nevada SOS updates their website.
This is not the companies fault, they have no control over what is posted on websites that are not their own. I would much rather they work on things that lead to production than worry what some website says.
Again this has been discussed at length, the website is incorrect in listing the Approved share count. You can see that the amendment was filed on January 11th and then canceled on the 24th. There are no new amendments, which would be required to increase the share count.
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=Uk5bViH2qqz99jcGYeuYwg%253d%253d&CorpName=SIERRA+RESOURCE+GROUP%2c+INC.
For the 100th time the share structure was not increased to 1.5billion. It has been clearly stated in the financials and proven with the notice to the Nevada SOS that the share structure remains at 440million.
There is no proof that they will need to address this issue in the future.
1. Either Asher eased up on the requirements or waived that portion of the note entirely because as it has been proven the increase never occurred.
2. They were able to get rid of substantial portion of the notes in Q1 and the share price is much higher than it was at the end of last year so the number of reserve shares is down as well.
You can make guesses that they might need to increase the shares but that is all they are and you have no proof that they will need to do that in the future.
I suppose that we could speculate all we want about what the share count will be, but at this point in time and for the foreseeable future the approved share count is 440mil.
Please provide verifiable proof that they will need to increase the A/S.
We know that some portion of this statement is in error, I don't exactly know which portion, but when you read the most current 10K/A it "it was determined that shareholder approval for the Amendment had inadvertently not been obtained in compliance with Nevada law" Whether they did not have the 65.2% (pretty simple math says they don't have it now), or whether they needed a higher percentage to get the amendment approved, it clearly means that minority investors will get to vote, and at least have a chance of turning it down.
100% incorrect statement. The whole statement says "The holders of ten (10%) percent of the shares entitled to vote at any meeting of stockholders, present in person or represented by proxy, shall constitute a quorum for the transaction of any business at any such meeting" which does not mean that those who own less than 10% don't get to vote, it simply means that if 10% of the eligible votes are cast it is a valid vote.
A Quorum simply means that enough people voted to be considered a valid vote, and does not mean that you don't get to vote.
Let's try this one again since Actuate feels that this is "off topic" and feels that disseminating factual and correct information is off topic.
This is in direct response to Actuate's claim that voters holding less than 10% of Sierra Resource Group (SIRG) do not get to vote.
From post 14288 by Actuate
"Can you tell me exactly how many shareholders own at least 10% of the company? Those are the only people that get to vote according to the 10-K"
This statement is 100% and completely false.
If you continue reading their referenced paragraph it clearly says “The holders of ten (10%) percent of the shares entitled to vote at any meeting of stockholders, present in person or represented by proxy, shall constitute a quorum for the transaction...
In order for a vote to be valid you have to reach a quorum. Definition of a quorum from Wikipedia - A quorum is the minimum number of members of a deliberative assembly (a body that uses parliamentary procedure, such as a legislature) necessary to conduct the business of that group.). Not that it is a great amendment, but they are basically saying that if 10% of the shareholders vote than it is considered valid.
So the statement shareholders that own less than 10% of the available shares don't get to vote is 100% incorrect!!!
So where exactly does it say if you don't hold 10% you don't get to vote?
You off significantly in your calculations. First it is a 42% discount, which means the conversion rate is 58% of the share price, so you are off by more than 25% right there. Second the purchase price is te average the time of conversion, so unless you know when they chose to convert you have no idea what that is. I am not saying that I know what the number of shares converted is and or was, but using your pricing you are off by more than 20 million.
How are you figuring 75m shares? The conversion rate is not set at .0008 as I have seen in previous posts. The conversion rate is a discount to the current share price at the time of conversion, if memory serves it is 40% which would mean that conversion today would be $.006/share or approximately 8m shares.
preliminary draft to BLM in July and expects there to be about a month worth of review. It is expected that the assessment will be approved in October. If all goes according to plan, Sierra hopes to start construction in December and have the plant producing copper in January or February.
At least we have some time frame to go off of.
Actually last summer Mr. Chamney mentioned that they were looking at jumping to the AMEX (if memory serves).
lMcat, I don't have PM capabilities, would you want to shooting me a PM with your email address?
Town Hall Meeting Tonight
http://www.kingmandailyminer.com/main.asp?SectionID=1&SubSectionID=797&ArticleID=51063
Anybody live close enough to attend? I can almost guarantee somebody will ask the question about when SIRG believes the mine will open back up.
Martin said, adding that the employment topic will be brought up at the meeting.
It took me some time to find but you can download a copy of their powerpoint presentation here
http://www.sierragroupinc.com/investor-center/
Some highlights include estimated cash costs of $1.18/lb including administrative and indirect costs. With a copper price of $3.52 expected annual net revenue of $11 mil. The power point assumes that 7 million lbs of copper can be produced in a year (note the report suggests that 20,000 lbs can be produced in a day).
I am a little a little shocked that an 8k (if increasing your mineral estimates from 27mil to 100mil isn't a material change I don't know what is) or a news release wasn't reported with the Rizzo Resource report.
That is standard language and has been in all their financial filings for quite some time.
Anybody have time to call the transfer agent and get an updated OS?
Yahoo is likely rounding to the nearest penny, so if we are above .005 it is going to show price as .01.
I would imagine that the nearly 100million shares that Asher dumped on the market had a bigger effect on the price than the increased AS. As long as Asher is converting I would expect to see some big drops as he sells off, keep in mind that he is getting a 40% or 60% discount (don't remember the exact terms off the top of my head) on the lowest share price when he converts, so dropping 20%-30% would still net a hefty profit.
This actually makes sense that they would not need to increase the A/S as previously noted. The primary reason that they needed to increase the A/S was to satisfy contractual agreements they had with Asher. There were was a term in their contract that the available shares be greater than some multiple (don't know it off the top of my head) of the balance owed to Asher. Asher's notes were mostly retired in the first part of the year negating the need for the increased A/S.
Typically mining companies are valued based on their reserves and production costs and to a lesser extent EPS. However Freeport McMoran is pretty much the best of breed copper producers and they have a TTM P/E multiple of 8.
EPS is not nearly as good of a metric value mining stocks, given the P/E multiple assumes an infinite life of the business. For example if we consider the curent situation and were willing to pay 8 times their 1 year earnings, we would pay 60% (8/5) too much given that the expected mine life is only 5 years (approximate). These numbers are solely for illustrative purposes. I know that there is the possibility of other resources and mines ect. but I was simply putting in numbers to illustrate.
Not sure where the May date would come from. The Convertible Notes from the latest 10Q (ending September 30th) are from January, May, June, July and September all of which could be converted after 180 days.
Here is they typical language used
Effective June 17, 2011, the Company entered into a Convertible Promissory Note Agreement (“Convertible Note”), consisting of a $32,500 convertible promissory note bearing interest at 8% per annum, due June 17, 2012 and of which the holder of shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
For the notes from September they would be convertible in early March (180 days from September 8th), which could easily explain the massive spike in volume in March.
Wouldn't we see the same thing if Archer converted his notes?