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On September 16, 2011, Blue Sphere Corp. BLSP signed a securities purchase agreement with Asher Enterprises Inc., a Delaware corporation with a head office in New York (“Asher”), pursuant to which Asher purchased an aggregate amount of U.S. $45,000 of our 8% convertible notes (the “Notes”). The Notes are convertible into shares of common stock of the Company from time to time, and at any time, beginning March 14, 2012 and ending, absent any condition of default, on June 14, 2012, subject to the limitations and conditions set forth in the Notes. The Company has the right to prepay the Notes under the certain conditions for 180 days following the issue date. On each of November 21, 2011 and February 2, 2012, Asher purchased an additional U.S. $32,500 of our 8% convertible notes (for an aggregate total of U.S. $65,000). Such additionally-purchased notes, together with the Notes, are referred to as the “Asher Notes”.
On March 19, 2012 Asher transferred 100% of the Asher Notes to third parties. During April 2012, such third parties converted $110 thousand (i.e., 100% of the principal amount) of the Principal amount of the Asher Notes into 28,893,043 shares of the Company (a conversion price of $0.0039802 per share).
On March 26, 2012, and May 7, 2012 Asher purchased an additional U.S. $53,000 and $32,500, respectively of our 8% convertible notes.
Note 7. Promissory Notes
The carrying value of ANPZ outstanding promissory notes, net of unamortized discount, was $340,664 and $303,641 at March 25, 2012 and December 25, 2011, respectively, of which $340,664 and $290,664 was in default on those dates. A total of 546,742 shares of common stock were issuable upon conversion of the Company’s outstanding convertible promissory note at December 25, 2011. The Company did not have any convertible promissory notes outstanding on March 25, 2012. Accrued interest under the Company’s outstanding promissory notes was $62,079 and $49,475 at March 25, 2012 and December 25, 2011, respectively.
A summary of the terms of the promissory notes that were outstanding at March 25, 2012 and December 25, 2011, respectively, is provided below.
In October 2008, the Company entered into a loan agreement with Bank of America, N.A. (“Bank of America”) for an original principal amount of $338,138 pursuant to which the Company consolidated five separate loans that Bank of America had made to the Company prior to that date. The loan bore interest at a rate of 7% per annum and required equal monthly payments of principal and interest of $6,711 per month until November 3, 2013. The loan was secured by substantially all of the Company’s assets and was guaranteed by Michael Rosenberger, Rosalie Rosenberger and Hot Wings Concepts, Inc. (“Hot Wings Concepts”). In February 2010, the Company entered into a Forbearance Agreement with Bank of America pursuant to which the Company agreed to pay $50,000 towards the outstanding balance of the loan and make monthly interest payments until November 15, 2010, at which time the entire loan would become due and payable. In February 2011, the Company entered into a First Amendment to Forbearance Agreement with Bank of America pursuant to which the Company agreed to make monthly payments of interest only until December 3, 2011, at which time the entire loan will become due and payable, and agreed to pay a forbearance extension fee of $5,000. In June 2011, Bank of America agreed to accept payments of $2,000 per month to be applied towards the outstanding principal until January 8, 2012, at which time the full balance of the loan must be paid off in full. The loan is currently in default.
During the fourth quarter of 2008, the Company issued promissory notes to four investors for a total original principal amount of $11,000 in return for aggregate cash proceeds of $11,000. The notes bear interest at the rate of 6% per annum and provide for the payment of all principal and interest three years after the date of the respective notes. The notes provide for the payment of a penalty in an amount equal to 10% of the principal amount of the notes in the event they are not paid by the end of the term. These notes are currently in default.
In May 2011, the Company entered into a securities purchase agreement with Asher Enterprises, Inc. (“Asher Enterprises”) pursuant to which the Company issued a convertible promissory note to Asher Enterprises for an original principal amount of $40,000 in return for aggregate gross cash proceeds of $40,000. The note bears interest at a rate of 8% per annum and provides for the payment of all principal and interest on February 9, 2012. The note is convertible at the election of Asher Enterprises into that number of shares of the Company’s common stock determined by multiplying 55% by the average of the lowest three closing bid prices of the Company’s common stock on the Over-the-Counter Bulletin Board during the 10 business days immediately preceding the date of conversion, subject to adjustment. In November 2011, Asher Enterprises converted $10,000 of the principal amount of the note into 227,273 shares of the Company’s common stock. In December 2011, Asher Enterprises converted an additional $15,000 of the principal amount of the note into 681,818 shares of common stock. In January 2012, Asher Enterprises converted the remaining $15,000 of the principal amount of the note along with $1,600 of accrued interest into a total of 821,782 shares of common stock in full payment of the remaining principal and interest on the note. No gain or loss was recognized in connection with any of the conversions because they were made in accordance with the terms of the note.
In January 2012, the Company issued a promissory note to The Carl Collins Trust for an original principal amount of $50,000 in return for aggregate gross cash proceeds of $50,000. The note bears interest in an amount equal to $5,000 and provides for the payment of all principal and interest on March 6, 2012. The note is secured by: (i) all royalties payable to the Company by its franchisees that accrued prior to December 2, 2011, but had not been paid to the Company by January 6, 2012, and (ii) 1,000,000 shares of the Company’s common stock that had been issued to Raymond H. Oliver. The note is currently in default.
On July 23, 2012, SCRC entered into a three month consulting agreement whereby the consultant will receive compensation of $1,000 per month for the duration of the contract and in addition, will receive 50,000 shares of common restricted stock.
On August 6, 2012, the Company entered into a securities purchase agreement with Asher Enterprises Inc. (“Asher”) pursuant to which Asher purchased from the Company an 8% convertible note in the principal amount of $63,000 (the “Note”). The Company received gross proceeds of $60,000 from the sale of the Note (and $3,000 was used to pay the investor’s legal fees).
The Note is due and payable on May 8, 2013 and accrues interest at the rate of 8% per annum. The Note may be prepaid at any time subject to a prepayment penalty of up to 140% of the sum of the principal, accrued but unpaid interest and any other amounts due under the Note.
On and after February 2, 2013 and until the maturity date or the full payment of the Note (whichever is later), the principal and all accrued but unpaid interest and any other amounts due under the Note are convertible into shares of the Company’s common stock. The conversion price is at a 42% discount to the average of the five lowest high bid prices for the Company’s common stock at the close of trading during the 10 trading day period prior to the date Asher delivers its notice of conversion. Under the Note, the Company may not declare and pay any dividends or repurchase any of its securities without Asher’s prior written consent, except for any dividends payable with respect to the outstanding shares of the Company’s Series A Preferred Stock.
The Note provides Asher with anti-dilution protection from any issuances of shares of common stock or any securities exercisable, convertible or exchangeable for shares of the Company’s common stock at a price per share less than the conversion price under the Note. The anti-dilution protection does not apply to issuances to (i) directors for their attendance at board or committee meetings, (ii) persons who help the Company raise capital, (iii) acquire Marlex Pharmaceutical and (iv) Development 72 LLC upon the conversion of the Series A Preferred Stock.
Copper keyboards in hospital rooms, nursing homes, assisted living centers and even ATM machines would boost the demand for copper and SIRG would benefit.
Antimicrobial copper keyboard could help disinfect kiosks
August 16, 2012
Operator Interface Technology announced today the pending release of an antimicrobial copper keyboard for use in public kiosks, medical facilities and military settings.
A new use for copper - using copper keyboards in hospitals, nursing homes and assisted living centers would boost the demand for copper. SIRG would benefit!
According to an OIT press release, a recent survey of 220 infection control practitioners, conducted by Copper Development Association, found almost 20 percent of them placed keyboards on their list of highest-risk surfaces for the spread of infection.
OIT manufactured the "rugged" keyboard to be completely submersible for enhanced cleaning capabilities, and the copper material offers a built-in, naturally disinfectant surface.
"Between cleanings, the CuVerro touch surfaces begin killing bacteria on contact and destroy 99.9 percent of Gram-positive and Gram-negative bacteria within two hours of exposure," OIT said on its website.
Antimicrobial copper is the only solid antimicrobial touch surface approved by the EPA. Along with its germ-killing qualities, it is not harmful to people or the environment and is completely recyclable.
http://www.kioskmarketplace.com/article/199091/Antimicrobial-copper-keyboard-could-help-disinfect-kiosks
Chris is Canadian and did not know the market was closed today. It's not nice to make fun of people!
Did you miss the GEAR report? Didn't you know this??
GEAR is already OTCBB along with WSRA in whom they own a controlling interest.
GEAR is already producing revenues!
GEAR International Inc (OTC BB: GEAR), directly and through its associates, in engaged in mining of gold, silver
and other precious metals.
Quality assets, excellent cash position, superior business model, experienced management and attractive gold market dynamics are all contributors to future success. Our conservative estimates forecast revenues to grow from $0.12
million in FYE December 31, 2012 to approximately $39.0 million by FYE 2018.
Considering the fact that they have NO REVENUES how are they going to grow them?
This report is 34 pages of lies and BS all provided by Dale! A copy of it was attached to a SEC complaint for false statements.
http://www.gearii.com/images/pfd/GEAR_International_Cohen.pdf
Nice quiet day in the bay, but SIRG moving closer to permits, funding and production.
SIRG - PROGRESS TO PRODUCTION - 2012 Accomplishments
January 2, 2012, Travis Snider is hired by SIRG as VP of Operations at the Chloride Copper mine to begin the process of returning the mine to production. Paul C. Rizzo & Assoc. are hired to assist with the BLM permitting process, design the heap leach pond expansion and re-engineer the pit.
January 25, 2012, representatives of Rizzo Associates completed a site visit of the Chloride Copper Mine. The Rizzo Associates team consisted of Dr. Ananda (Andy) Chakrabarti, Senior Consultant, and K. Michael Cline, Principal Geologist. The purpose of the site visit was to provide an independent assessment of the plant, mill tailings, and general site conditions for supporting the Company in bringing the existing SX/EW Plant at the mine back into full operation. The Plant has been idle since 1996.
On February 21, 2012, Rizzo Associates issued a “Trip Letter Report to Assess Status of the Chloride Copper Mine” to the Company. According to the “Trip Letter Report: “The SX/EW Plant is in good condition; however, in need of minor refurbishment and the replacement of some supporting equipment, but most of the equipment can be used and the Plant can be brought back into working c ondition within a reasonable timeframe and limited expense. ” The Company has not currently defined “reasonable timeframe” or “limited expense.”
“We are extremely pleased to have the Rizzo team working to bring the mine back into production and beginning work to improve the accuracy of our reserve estimate,” says J. Rod Martin Chief Executive Officer of the Company.
On May 2, 2012, the Board of Directors of Sierra Resource Group Inc. by unanimous written consent appointed Barton R. Budman and Carlos F. Cardon to its Board of Directors.
Mr. Budman is a Certified Public Accountant licensed in the state of Florida. Since 2007, Mr. Budman has served as the Chief Financial & Operating Officer for a world renowned mega-yacht manufacturer, chartering company, and real estate investment & development organization, Broward Yacht & Marine / LPI Holdings, LLC with total annual revenue in excess of $135 million. Mr. Budman holds dual BBA degrees in accounting and finance as well as a Masters of Business Administration from the University of Miami.
Mr. Cordon is the Commercial liaison, since 2011, for the development of telecommunications, mining and energy projects between the Chinese Government Foreign Development Agency and the Central American Business Community. Founder and Director of Tacontento International Corp, a chain of Mexican restaurants with more than 20 locations in five countries. Founder and Director, Los Ranchos, Guatemala, 1994-2011, a steak house chain, with more than a dozen location in 4 countries, including several locations in south Florida. Founder and Director, Yogen Fruz, Central America, Central American Franchisee, 1992-2011, Yogen Fruz is a publicly traded Canadian company and one of the largest frozen yogurt franchising companies in the world. Founder and Director, Mayan Republic Brand, Guatemala, 1985-1995, a merchandiser of hand loomed textile clothing exported to the US and Europe.
June 1, 2012 Sierra Resource Group, Inc. ( OTCQB: SIRG) announced today that it plans to launch its new website in June. Sierra engaged Miami based IT firm, Ingenium Solutions, LLC, to design and build the Company's new website, which will feature easy access to the latest Company news, descriptions of the Sierra's mining properties, resource reports and operations, and a separate section for investor information, including direct links to SEC filings and corporate governance policies. Ingenium is a well respected, total service IT firm that will be handling all IT work for Sierra in the future.
"We are very pleased with the design work of the firm, Ingenium Solutions, LLC, and the special attention its President Antonio Manueco gave to the project," said J. Rod Martin, CEO of Sierra.
Mr. Martin added: "Sierra intends to use its website http://www.sierragroupinc.com as a means of disclosing material information and for complying with its disclosure obligations under SEC Regulation FD. Such disclosures will be included on the Company's website under the headings 'Latest News'. Accordingly, investors should monitor such portions of the Company's website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts."
June 6, 2012 - SIRG hosted a Town Hall meeting in Chloride for the locals, BLM agents and government officials where he announced SIRG's plans to re-open the mine with production planned to start in Jan/Feb.
June 6, 2012, SIRG awarded a contract to Desert Construction of Kingman for the dig/load/haul operations at the Chloride Copper Min.
June 6, 2012, SIRG signed a Letter of Intent (“LOI”) with Upward Investments, LLC (“UI”) for the purchase of UI’s 90 acres of land adjacent to the Company’s existing claims. The Company would like to acquire UI’s property for the Company’s mining operations. Further representations and warranties shall be included in the to be drafted Definitive Agreement.
July 2, 2012 - When countersigned by each of the parties, this Letter of Intent outlines the general terms as of the 2nd day of July, 2012 for the agreement by and between SIERRA RESOURCE GROUP,INC., a Nevada Corporation, hereinafter referred to as (“SIRG”) and MEDINA PROPERTY GROUP, LLC, a limited liability company incorporated in Florida (hereinafter referred to as “MPG”)
It is intended that SIRG and MPG shall, subject to the terms set forth herein and in the “Definitive Agreement”, enter into the following terms regarding the Chloride Copper Mine, in Kingman Arizona:
WHEREAS, MPG is the owner of a 20% interest in The CHLORIDE COPPER MINE, a mining concession which lies approximately 24 km northwest of the City of Kingman, Arizona, and some 100 mi southeast of Las Vegas, or 172 mi northwest of Phoenix, Arizona. The geographic coordinates of the property are 35° 21’ N Latitude and 114° 10’W Longitude (T22 and 23 and R 18).
AND WHEREAS “SIRG” would like to increase its interest ownership of the Chloride Copper mine to 90% interest in the “Chloride Copper Mine”, for development,
NOW THEREFORE, the Parties hereto hereby agree as follows:
I. Upon execution of this Letter of Intent, MPG hereby agrees to:
1.
Provide a good faith non refundable deposit of $6,500 upon the signing of this agreement and on each 1 st of the month up to the closing date. SIRG shall not be responsible for any deposits incurred after the closing date.
2. The parties will diligently and in good faith negotiate a definitive agreement (the “Definitive Agreement”) incorporating the principal terms of the contemplated transaction as set forth herein and, in addition, such other terms and provisions of a more detailed nature as the parties may agree upon. In the Definitive Assignment Agreement, each of SIRG and MPG will make such representations and warranties are customary in transactions of this nature. All representations and warranties will survive the closing of the transactions contemplated herein and any and all investigations at any time made by or on behalf of the parties. The Definitive Agreement shall be completed and executed on or before October 1, 2012 (the “Closing Date”), unless both parties agree to an extension not to exceed 10 days.
3. Certify the Certificate of Ownership, titles and other required information.
4. Provide any and all documentation proving its compliance with the laws governing mining in Arizona and the United States of America.
II. TERMS OF AGREEMENT:
SIRG will pay the sum of $1,500,000 (ONE MILLION FIVE HUNDRED THOUSAND USD) in the following manner:
1. $1,500,000 at closing in the form of a wire transfer to MPG’s assignees or designees.
2. SIRG shall deliver a certificate(s) totaling 20,000,000 shares of Class A Common Stock of SIRG upon signing of a definitive purchase agreement to the assignees of MPG.
3. SIRG shall deliver warrants granting MPG or its assignees the right to purchase 20,000,000 shares of Class A Common Stock of SIRG at an exercise price of $0.27 per share with an expiration date of ten (10) years following the signing of a definitive purchase agreement.
4. MPG shall deliver Deed and Bill of Sale representing 50% of its interest in the Chloride Copper Mine.
July 25, 2012 Sierra Resource Group, Inc. engaged Marcum, LLC (“ Marcum ”) as its new independent registered public accountants , effective July 25, 2012. The decision to change accountants was recommended and approved by the Company’s board of directors. This action effectively releases Tarvaran, Askelson & Company, LLP (“ TAC ”) as the Company’s independent auditor.
8/15/2012 @ 4:05PM 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. "We're working closely with The Bureau of Land Management and the interactive process is positive," said J. Rod Martin, CEO of Sierra.
Aug 14, 2012 - On or about January 2012, the Depository Trust & Clearing Corporation (“DTC”) suspended post-trade settlement services (known as “Global Lock” or “Chill”) for our securities. Upon our inquiry, the compliance department at the DTC advised us that the Global Lock had been instituted due to their uncertainty about the valid issuance of shares of our company held in street name under their nominee Cede & Co. Our management subsequently provided documentation necessary to lift the Global Lock, and on August 14, 2012, the DTC advised us that they had resumed accepting deposits of the Company’s stock for depository and book-entry transfer services.
Aug. 21, 2012 -- Sierra Resource Group, Inc. announced today that on August 1, 2012 it awarded the transfer and modification of its existing Aquifer Protection Permit to CDM Smith (www.cdmsmith.com) a full service, consulting, engineering, construction, and operations company that guides clients across the project life cycle in water, environment, transportation, energy, and facilities.
"We looked at a host of well qualified companies to handle this very important permit process and feel confident in our selection of CDM Smith," said J. Rod Martin, CEO of Sierra.
CDM Smith will prepare all materials for permit transfer, will prepare the BADCT demonstrations for the new facilities as contemplated by Sierra for future operations, will prepare the Amendment (Modification) Application package and final application for submittal and will fully manage the project to completion including handling all meetings with ADEQ and Sierra.
"CDM Smith is well versed in this type of permitting and its inner team has a wealth of experience in dealing with ADEQ," said J. Rod Martin, Chief Executive Officer of Sierra.
8/23/2012 SIRG announced today that the Depository Trust & Clearing Corporation has advised Sierra that the Depository Trust Company has determined to lift the Deposit Chill on the Company's stock and has resumed accepting deposits of the Company's stock for depository and book-entry transfer services. "We are pleased with this determination and know our shareholders will be too," said J. Rod Martin, CEO of Sierra.
SIRG's copper mine as seen on Google Earth.
SIRG changed accounting firms to Marcum LLC, one of the 15 largest firms in the U.S. Unfortunately they didn't know they needed to get an SAS Review from FINRA to change to Marcum and they got the E. SIRGE and Marcum are dealing with this "oops" and it will be resolved.
The Rizzo Report increased the reserves and they are higher than previously estimated. The existing ore below the current bench levels from 3695 to 3420 values known between 3420 and 3310 could add another 13 Mlbs. Many holes were abandoned with higher than cut-off grade Cu values in and around the existing pit. Their continuation at depth could prove additional resources. Based on the forgoing, it is safe to assume that the current known resources would provide a minimum of 50 Mlbs of ore; at 5Mlbs/annum, that would support a 10 year mine life.
http://www.sierragroupinc.com/wp-content/uploads/2012/05/L10-Chloride-Copper-Resource-Report.pdf
Currently waiting for the APP Permit to be transferred to SIRG and their funding released. That's the last hurdle and SIRG should be waking up soon.
Authorized shares: 440,000,000
Total issued and outstanding: 347,833,085
Total restricted: 51,485,000
Next time read the fine print. Now find another source.
Stock Loans against NYSE, AMEX, NASDAQ, OTC BB $.01 per share & above, Pink Sheets $.05 per share and above, size of loan is based on many factors including market cap, float, volume, etc.
Stock loans against domestic shares for US residents if stock trades $50,000 average daily dollar volume or more.
http://www.kashwiseinvestments.com/international
GOLD MINERS STRIKE
Some 12,000 workers at a gold mine operated by Gold Fields have gone on strike, in the latest industrial strife to hit South Africa's mining sector.
Julius Malema, the expelled leader of the youth wing of South Africa’s ruling African National Congress, will address Gold Fields Ltd. workers who started an illegal strike at the continent’s biggest gold-mining complex.
About 12,000 employees at the East section of Gold Fields’ Kloof-Driefontein operation started a strike on Aug. 29, demanding the immediate replacement of union branch leadership.
Illegal strikes have been spreading across South Africa’s mining industry after 44 people died in violence associated with a stoppage at Lonmin Plc’s Marikana mine in the North West province last month. Malema addressed miners at Lonmin after police shot dead 34 of the protesters gathered near the mine.
A decline in support for the National Union of Mineworkers, South Africa’s largest labor union, is opening space for other organizations to recruit, leading to unrest at operations and divided, protracted pay talks.
The KDC mines, which employed 26,685 workers including contractors last year, produced 1.1 million ounces of gold in 2011, or 31 percent of Gold Fields’ output. The East section produces 1,660 ounces of gold daily, spokesman Sven Lunsche said by phone on Aug. 31. This is the biggest unprotected stoppage Gold Fields has faced in at least three years.
“We’re not letting any outside political parties onto the property,” Lunsche said by phone today. “It could endanger the security of the mine in a very volatile situation.”
The South African political situation is destabilising an already fragile economy and this has led to the rand falling in value recently.
The mass of people in South Africa remain desperately poor including the lot of the miners, while improved since Apartheid times remains very tough.
There is a new corporate scramble for Africa's natural resources. Pundits predict that foreign investment in mining across the continent is set to increase by an astonishing 40 per cent this year and the top 40 mining companies in the world achieved record profits last year of $133 billion between them.
The World Bank and others continue to flag the mining industry in particular as the engine of Africa's future economic growth - the auditor Ernst & Young issued a report last year entitled "Africa: A Golden Opportunity".
Resource nationalism is an increasing response to this across the developing world and could result in the nationalisation of extractive industries in Africa and around the world.
Some fear that the stage is set for Resource Conflict 2.0 which could result in supply issues with regard to certain key commodities.
Read more: http://www.businessinsider.com/gold-mines-in-south-africa-see-strikes-as-industrial-unrest-spreads-2012-9#ixzz25PwVhofy
GOLD MINERS STRIKE
Some 12,000 workers at a gold mine operated by Gold Fields have gone on strike, in the latest industrial strife to hit South Africa's mining sector.
Julius Malema, the expelled leader of the youth wing of South Africa’s ruling African National Congress, will address Gold Fields Ltd. workers who started an illegal strike at the continent’s biggest gold-mining complex.
About 12,000 employees at the East section of Gold Fields’ Kloof-Driefontein operation started a strike on Aug. 29, demanding the immediate replacement of union branch leadership.
Illegal strikes have been spreading across South Africa’s mining industry after 44 people died in violence associated with a stoppage at Lonmin Plc’s Marikana mine in the North West province last month. Malema addressed miners at Lonmin after police shot dead 34 of the protesters gathered near the mine.
A decline in support for the National Union of Mineworkers, South Africa’s largest labor union, is opening space for other organizations to recruit, leading to unrest at operations and divided, protracted pay talks.
The KDC mines, which employed 26,685 workers including contractors last year, produced 1.1 million ounces of gold in 2011, or 31 percent of Gold Fields’ output. The East section produces 1,660 ounces of gold daily, spokesman Sven Lunsche said by phone on Aug. 31. This is the biggest unprotected stoppage Gold Fields has faced in at least three years.
“We’re not letting any outside political parties onto the property,” Lunsche said by phone today. “It could endanger the security of the mine in a very volatile situation.”
The South African political situation is destabilising an already fragile economy and this has led to the rand falling in value recently.
The mass of people in South Africa remain desperately poor including the lot of the miners, while improved since Apartheid times remains very tough.
There is a new corporate scramble for Africa's natural resources. Pundits predict that foreign investment in mining across the continent is set to increase by an astonishing 40 per cent this year and the top 40 mining companies in the world achieved record profits last year of $133 billion between them.
The World Bank and others continue to flag the mining industry in particular as the engine of Africa's future economic growth - the auditor Ernst & Young issued a report last year entitled "Africa: A Golden Opportunity".
Resource nationalism is an increasing response to this across the developing world and could result in the nationalisation of extractive industries in Africa and around the world.
Some fear that the stage is set for Resource Conflict 2.0 which could result in supply issues with regard to certain key commodities.
Read more: http://www.businessinsider.com/gold-mines-in-south-africa-see-strikes-as-industrial-unrest-spreads-2012-9#ixzz25PwVhofy
Thank you for confirming that there have been no SIRG note conversions and no dilution.
Argue words, that is my first impression and like I said I have not researched it yet.
GVS has a market value as on Aug 31st of $103,396,953. The 2nd quarter financials have not been filed. For an explorer, that is over valued.
The operating and administrative expenses for the three months ended March 31, 2012 totalled $1,695,351 (March 31, 2011: $1,273,047), including share-based compensation issued during the quarter, valued at $955,208 (March 31, 2011: $843,629) calculated using the Black Scholes option pricing model.
Comparatively, the major expenses for the quarter ended March 31, 2012 were management fees of $102,000 (March 31, 2011 - $82,000), professional fees of $127,479 (March 31, 2011 - $26,052), office
expenses of $57,259 (March 31, 2011 - $37,528), consulting fees of $53,200 (March 31, 2011 - $40,473), investor relations of $65,058 (March 31, 2011 - $36,096) and regulatory and shareholder service of $44,197 (March 31, 2011 - $22,037).
Like I said, I consider it to be over valued. When they find some gold it may grow into its evaluation.
As most stock investors know - slow and steady wins the race. I believe R&R will continue gaining steam.
I can't wait for the Biden vs Ryan debate!
Please show me where I posted an opinion. Like I said I have not done full research on GSV.
I simply posted what I found. I have not researched GSV as I consider it to be over valued.
I sure hope you are right.
Our town is excited and there were people on the street corners after the convention yelling
"HEY HO OBAMA's GOTTA GO!"
Cars blowing their horns - great to see such energized people.
CMCXF is fully reporting and trading on 3 exchanges. Still doing some digging but CMCXF is looking nice.
If gold and silver get hot it is definitely one to watch.
InvestigativeMEDIA releases latest report: “Rosemont’s Power Play”
Posted on August 23, 2012
The multimedia project includes:
Report: A Sardinian gold mine unearths the deceptive business tactics of Rosemont Copper’s top executives.
Timeline: The top officers of Rosemont Copper’s parent company, Augusta Resource Corporation, have a history of bankruptcies, cease trade orders and stock exchange delistings
“Cyanide Beach”: The 23-minute video documentary “Cyanide Beach” tells an important and timely story that anyone interested in the Rosemont copper mine project needs to know.
The multimedia project focuses on Augusta Resource Corporation, a Vancouver, British Columbia-based speculative mining company that wants to build a massive open pit copper mine in the environmentally-sensitive Santa Rita Mountains on the Coronado National Forest 35 miles south of Tucson, AZ.
InvestigativeMEDIA reviewed thousands of pages of financial documents and conducted interviews in the United States, Canada and Italy to document the business history of Augusta’s key executives.
The probe uncovered a tangled history of cease trade orders, an insider trading settlement agreement, stock exchange delistings, personal and corporate bankruptcies, false disclosure statements to regulators and an abandoned Sardinian gold mine that is creating serious, ongoing environmental problems.
Las Cienegas National Conservation Area
President Clinton signed a bill creating the Las Cienegas National Conservation Area (NCA) and Acquisition Planning District in southeastern Arizona on December 6, 2000. The designation was the result of Congress' passage of H.R. 2941 (Congressman Jim Kolbe). The new 42,000-acre NCA consists entirely of public lands managed by the BLM's Tucson Field Office. The NCA is bordered on the north and east by lands within the Acquisition Planning District.
Augusta owns the Rosemont Copper Company. Rosemont is seeking government permits to build what could become one of the largest copper mines in the United States, producing 240 million pounds of copper annually for approximately 21 years.
The mile-wide, half-mile deep mine would dump waste rock and mine tailings on more than 3,000 acres of the Coronado National Forest and destroy much of a watershed that provides runoff to a rare, shallow Sonoran Desert aquifer beneath the federally-protected Las Cienegas National Conservation Area.
Cienega Creek, with its perennial flow and lush riparian corridor, forms the lifeblood of the NCA. The area is home to a great diversity of plant and animal life, including several threatened or endangered species. Protection of this regionally significant open space safeguards a network extending south of Interstate 10 to protected lands in northern Sonora, Mexico.
The BLM Tucson Field Office manages the NCA, which includes the Empire-Cienega Resource Conservation Area. Lands within the Acquisition Planning District are owned and managed by Pima County, National Audubon Society, the State of Arizona, and numerous private landowners.
The Las Cienegas NCA includes a variety of unique and rare vegetative communities including five of the rarest habitat types in the American Southwest: cienegas (marshlands), cottonwood-willow riparian forests, sacaton grasslands, mesquite bosques, and semi-desert grasslands.
Fish and Wildlife: These vegetative communities on the NCA support a diverse assemblage of plants and animals; species include 60 mammals, 230 birds, 43 reptiles and amphibians, and three native fish. Included in this list are 33 species which are federally listed as threatened or endangered, identified as species of special concern by the State of Arizona, or designated as sensitive species by the BLM. Among the special status species are the endangered Gila top minnow, lesser long-nosed bat, and southwestern willow flycatcher; the Chiricahua leopard frog, proposed for endangered species listing; and the Gila chub, a candidate for federal listing. Large game animals include mule and white-tailed deer, pronghorn antelope, javelina, and mountain lion.
Historic Empire Ranch
Las Cienegas National Conservation Area
Posted in Current Investigations, Featured, Rosemont
http://www.investigativemedia.com/tag/arizona/
Obama campaign officially launches in half-empty arena
A picture, they say, is worth 1,000 words. Among the thousand words suggested by this photograph are pathetic and yawn. The image is the half-empty (Team Obama would say “half-full”) Schottenstein Center at Ohio State University on Saturday. The president was there in a futile attempt to recapture lightning in bottle as he officially kicked off his re-election campaign (which unofficially began last year around this time).
The photo was posted to Twitter by Romney campaign spokesman Ryan Williams, who tweeted “Not the ‘overflow’ crowd” Obama was expecting, especially considering the venue: the must-win state of Ohio.
Breitbart’s Alexander Marlow cites a Columbus Dispatch article noting that event “organizers moved people from seats to the arena floor in front of the dais to project fullness to television audiences.” One wonders if they also artificially generated crowd noise to simulate enthusiasm over a rally that, in the words of the New York Times, “had the feeling of a concert by an aging rock star: a few supporters were wearing faded ‘Hope’ and Obama 2008 T-shirts.”
This time, instead of grandiose promises of how he will tame the weather, heal the infirm, and employ the unemployable, Obama spoke of “inheriting” (still!) a severe economic crisis, of ending (not winning) the war in Iraq, and of taking out Osama bin Laden.
This is not the first time that Obama has played to a half-empty house. Last June (long before his re-election campaign began) he filled 980 of 2,200 seats at the Adrienne Arsht Center for Performing Arts in Miami at a fundraiser, tickets for which started at a modest $44.
Last October, at a “non-campaign” event paid for with taxpayer money, he suffered greater embarrassment when he needed to prompt the audience to applaud.
http://www.examiner.com/article/obama-campaign-officially-launches-half-empty-arena
RAINS WASH AWAY 'MOUNT OBAMA' SCULPTURE
A torrential downpour that struck Charlotte Saturday afternoon damaged the Mount Rushmore-style 16 ft sand sculpture bust of President Obama — an ominous beginning to what many fear is a plagued convention.
At least they created a couple of "shovel ready jobs"!
Workers were trying Saturday afternoon to reform the base of the sculpture, built from sand brought in from Myrtle Beach, S.C., pounding and smoothing out the sand that had washed off the facade of the waist-up rendering of the chief executive.
The sand sculpture was protected from above, and Mr. Obama's face didn't see too much damage. But the storm was so strong that its heavy winds blew the rain sideways, pelting the president's right side and leaving the sand pockmarked and completely erasing his right elbow.
Democrats' choice of Charlotte has drawn criticism from unions who don't like North Carolina's labor laws, and the state seems to be tilting away from Democrats politically.
The large Rushmore-style sculpture drew comparisons to Mr. Obama's 2008 convention in Denver, when he accepted his party's nomination on a stage that looked like a Greek temple.
Read more:http://times247.com/articles/rains-wash-away-mount-obama-sculpture#ixzz25KDfbKqA
Good morning Salty, Agree, now if we could just find out who is handling the SIRG APP transfer at the Arizona Dept. of Environmental Quality (ADEQ) and get a progress report. Problem is the size of that agency is HUGE but my guess is that it is in the Water Dept.
SIRG Share Structure as of Aug 31, 2012 remains unchanged as verified by Pacific Stock Transfer.
NO DILUTION
Authorized shares: 440,000,000
Total issued and outstanding: 347,833,085
Total restricted: 51,485,000
Any clue on why CMCXF is trading on the grey market? It is on Sedar.
http://www.cmcmetals.ca/i/pdf/CorporatePresentation.pdf
CMC METALS LTD.
Suite 605 – 369 Terminal Avenue
Vancouver, B.C. V6A 4C4
Phone (604) 605-0166 / Fax (604) 692-0117
Email: cmcmetals@shaw.ca / Website: www.cmcmetals.ca
NEWS RELEASE
TSX-V: CMB July 11, 2012
PK: CMCXF
Bishop Facility Update
Vancouver, B.C.: CMC Metals Ltd. (the “Company”) is pleased to provide an update on the Bishop Facilities Amended Plan of Operation. The Company has received a schedule from the Bureau of Land Management (BLM) Bishop Office, stating that the schedule they are following will provide the Decision Document on the
Plan of Operations by the end of September. Following receipt of the Decision Document, the Company can commence the construction of the tailings impoundment, and commission the facilities that have been in suspension while Water License and Amended Plan of Operations was being reviewed and approved. Although the facilities had a NEPA performed and accepted, the BLM felt that the reconstruction of the tailings impoundment to a higher environmental standard was a significant change that required the NEPA to be reevaluated. The BLM review of the NEPA is scheduled to be completed by early September, 2012. Once the Decision Document is received, the construction and commissioning period would take an additional two months.
The State of California Lahontan Water Board is the leading agency for the project and has provided approval of the project as of July 13th, 2011, plus providing a Negative Declaration, stating that “The Project will not have a significant effect on the environment.” In short, the Company is confident in having the Amended Plan of Operation accepted by the BLM.
Therefore, the Bishop facilities should be in a position to be fully operational before year end.
Furthermore, the Company is pleased to announce that it is in negotiations for direct ship ores from the Radcliff Mine. Currently the operation is conducting underground development of the main haulage drift and sub-level. As the development work continues, the ore produced will be suitable for direct ship ores. Until the run-of-mine ore has been crushed, epresentatively sampled and weighted by a certified scale, the tonnage and grade will then be reported.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
“Donald W. Wedman”
Donald W. Wedman, P.Eng.
CMC METALS LTD.
For further information on the Company, please contact Mr. Gord Zelko, VP Business Relations at MineralStocks Consulting. Telephone: 250-495-7123, or Email: gz@mineralstocks.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
http://www.sedar.com/CheckCode.do;jsessionid=00002FqVVKB_BjCLBjXH3r_db2l:-1
The Rizzo Report increased the reserves at SIRG's mine and they are higher than previously estimated. The existing ore below the current bench levels from 3695 to 3420 values known between 3420 and 3310 could add another 13 Mlbs. Many holes were abandoned with higher than cut-off grade Cu values in and around the existing pit. Their continuation at depth could prove additional resources. Based on the forgoing, it is safe to assume that the current known resources would provide a minimum of 50 Mlbs of ore; at 5Mlbs/annum, that would support a 10 year mine life.
http://www.sierragroupinc.com/wp-content/uploads/2012/05/L10-Chloride-Copper-Resource-Report.pdf
The EA SIRG was required to file is not that complicated of a document especially for a previously operated mining operation. Might be time to give Paul up at BLM a call and inquire whose desk it is sitting on.
I was the mod on GUNP and set up the I-BOX. After doing more research I removed myself as mod as I saw nothing of value in this company.
They don't own anything except an option and the financial requirements to eventually secure that claim are huge and without any revenue they need to continue to borrow money. Do you know that only 10% of the junior explorers ever find enough provable ore to develop a profitable mining operation?
Quartzite is the nearest town and the RV world's largest campground. The annual Rock & Mineral Show brings in over 100,000 RVers from around the states. They camp all over the desert, known as boon docking. We have been there!
Many of these RVers belong to Prospector Clubs who used metal detectors to find gold out in the 'boondocks".
You know that American Bonanza Gold (a Canadian Company) is working the old Copperstone mine and finally shipped ore concentrate.
Drilling rig at Copperstone.
Deep drilling rig at Copperstone.
http://www.americanbonanza.com/s/NewsReleases.asp?ReportID=530962&_Type=News-Releases&_Title=American-Bonanza-Announces-Progress-at-Copperstone-Mine-and-Completion-of-a...
Gold Sales - preliminary gold sales in April of 1,186 ounces were achieved, representing 40% of Year 1 monthly design rates. The gravity concentrate is currently being sent to Metals Research in Idaho, and the flotation concentrate to Global Metal Technologies in Spokane.
http://www.americanbonanza.com/s/NewsReleases.asp?ReportID=530962&_Type=News-Releases&_Title=American-Bonanza-Announces-Progress-at-Copperstone-Mine-and-Completion-of-a...
Lots of very good info on Bonanza but very little is available on Gunpowder.
I don't see any "bounce" on GUNP until they have some positive news.
GUMP would have been a great short at $1! It was grossly over valued and still is since it has nothing but debt.
Mining firms must pay $30M
State, feds settle with four companies over Black Hills contamination
By Cody Winchester Sep. 1, 2012
The federal government and the state of South Dakota have reached a $30 million settlement with four mining companies to address the costs of longstanding environmental contamination at the Gilt Edge mine near Lead.
The former gold and silver mine now is a Superfund site that has cost taxpayers more than $100 million to clean up. State and federal lawyers filed a lawsuit Aug. 23 seeking to recover these costs from Homestake Mining Co., Cyprus Mines Corp., Cyprus Amax Minerals Co. and Blue Tee Corp.
Each company had been involved, to varying degrees, in preparing the site to be mined in the late 1970s and early 1980s. Consent decrees outlining the costs to be paid — $4.2 million for Homestake and $26 million between Cyprus and Blue Tee — were filed the same day as the complaint. None of the companies admitted liability.
“This is a step in the direction of them being held responsible for their actions,” South Dakota Attorney General Marty Jackley said.
U.S. District Judge Jeffrey Viken in Rapid City still needs to sign off on the settlement after a 30-day public comment period.
Absent from the list of defendants is Brohm Mining Co., the Canadian firm that actually operated the mine from 1986 until 1999, when it went bankrupt, forfeiting a $6.4 million mining bond and leaving behind 150 million gallons of contaminated acid water and millions of cubic yards of acid-generating waste rock.
You can read through DENR's annual mining reports here
http://denr.sd.gov/des/mm/publications.aspx
That’s when the state and the Environmental Protection Agency stepped in. In 2000, Gilt Edge became a Superfund site, the program created in 1980 to facilitate cleanup of the nation’s worst hazardous waste sites.
Superfund is one component of the Comprehensive Environmental Response, Compensation and Liability Act, the federal statute that formed the basis of the lawsuit. Under the law, states are responsible for 10 percent of Superfund cleanup costs, Jackley said.
To date, the EPA has incurred costs of more than $100 million to treat the contaminated water and acid-rock piles at Gilt Edge, plus interest, according to the complaint. The state’s costs stand at about $5.6 million.
Department of Justice spokesman Charles Miller said the settlements are fair because they represent each company’s proportional share of the cleanup costs. He said going after Brohm, the primary responsible party, was not an option because no successor company could be identified.
Additionally, he said, the government would not have been able to prove that the people who ran Brohm had operational control of the mine, or of the mineral leases, so the government could not pursue claims against them individually.
Notice of the consent agreements was published Thursday in the Federal Register. Citizens who wish to submit comments on the settlements have 30 days to do so.
Strawberry Creek a dumping ground
Prospectors began mining for gold, copper and tungsten in the Gilt Edge area in 1876, and for decades, mining operations simply dumped their toxic mine tailings into Strawberry Creek and other local waterways. When Brohm took over the Gilt Edge mine in 1986, many of the streams already were contaminated with heavy metals such as arsenic, cadmium and lead.
From 1992, the first year for which there are records, to 1999, after Brohm entered bankruptcy, the firm extracted 102,274 ounces of gold and 172,504 ounces of silver from the mine, according to annual reports filed with the Department of Environment and Natural Resources.
After remediation at the site is complete — a process that could cost another $100 million and take at least 10 years, by current estimates — it will be turned over to the state for ongoing maintenance.
Under terms of the settlement agreements, the government cannot sue to recover costs for any of the issues raised in the complaint.
“There’s risk involved, and we were willing to pay a not insignificant amount of money to obtain certainty (about future liability),” said Jerry George, who represented Barrick Gold Corp., Homestake’s parent company and the largest gold firm in the world.
Representative: 'Homestake did nothing' George called the settlement reasonable, though he downplayed Homestake’s culpability.
“If you read the complaint, Homestake did nothing,” he said. “It had purchased somebody who purchased somebody who purchased somebody.”
Homestake was the successor to Lacana Mining, which sold the site to Brohm in 1986.
“Quite frankly, virtually all of the activities that are alleged to have resulted in the contamination that EPA’s concerned about — far in excess of 99 percent of it — was the result of historical mining operations before 1940, or were the activities of Brohm,” George said. “The only reason Homestake got dragged into it this late in the game was that tenuous connection (with Lacana). ... This isn’t something Homestake did. This was a legacy they picked up.”
Jim Tell, a spokesman for Freeport-McMoRan Corp., of which the two Cyprus entities now are subsidiaries, said he could not provide answers to questions before deadline.
Representatives of Blue Tee Corp. did not return messages for comment.
http://www.argusleader.com/interactive/article/20120901/NEWS/309010039/Mining-firms-must-pay-30M?odyssey=nav%7Chead&nclick_check=1
So is Joe and We think Obama and criminals should pay Joe's legal expenses. This was outrageous.
Arizona has been under the attack of Obama since he took office, Sheriff Joe, Fast & Furious, Immigration Laws, Voter ID Law rejected, and the open borders.
Gov Brewer was correct to wave her finger in his face but it was the wrong finger!
Obama visited Arizona three times in 2009 including a family tour of the Grand Canyon that shut it down for all tourists along with two airports.
He has not bothered to stop here for his campaign shit!
EPIC FAILURE: Obama Admin. Drops 3-Year Witch-hunt Against Sheriff Joe Arpaio (No Charges)
It’s finally over. The 3-year, disgraceful witch-hunt of Sheriff Joe Arpaio by the Obama Department of Injustice was dropped tonight, with absolutely no charges to be filed in the matter.
Assistant U.S. Attorney Ann Birmingham Scheel released a statement saying her office “is closing its investigation into allegations of criminal conduct” by current and former members of the sheriff‘s and county attorney’s offices.
Scheel didn’t elaborate, saying only that County Attorney Bill Montgomery was advised of the decision “not to pursue state criminal charges related to the investigation.” Scheel, who is based in Arizona, said she was acting on behalf of the U.S. Department of Justice.
Friday night releases of embarrassing political revelations are a long and infamous tradition, in order to minimize the exposure of the story to the American people. But this release took the cake: Friday at 5pm, before a Labor Day weekend, and right after the close of the Republican National Convention.
And no wonder. This one was a doozy. After all, this was a political persecution right from the start. The Obama DOJ started this thing less than 100 days after Obama took office, at a time when the Department was not even fully staffed. They were chomping at the bit to go after him. And now it is all for nothing.
Dozens of investigators, 4 Federal prosecutors, countless FBI agents, all working for three damn years to try and bring down Sheriff Joe. We won’t hold our breath waiting for the left-wing media to demand to know how much the DOJ spent on this disgraceful witch-hunt, but you can bet it was in the tens of millions.
And they came up with NOTHING. Because there IS nothing. Because this was never about substance, only politics.
They simply hate Sheriff Joe Arpaio. They hate his muscular enforcement of our immigration laws without apology, his workplace raids to liberate jobs for legal Americans, his “posse” and “crime suppression sweeps” that brought in tens of thousands of illegal aliens, identity thieves, drug and human smugglers and violent criminals. They hate his Tent City – which began its 20th year this month.
They hate him for being the biggest national symbol in the fight against illegal immigration – and for having the support of millions of Americans in that effort.
We will always stand with him, and say to ‘America’s Toughest Sheriff’ tonight, WAY TO GO JOE!
http://standwitharizona.com/blog/2012/08/31/epic-fail-obama-admin-drops-3-year-witch-hunt-against-sheriff-joe-arpaio-no-charges/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+StandWithArizona+%28Stand+With+Arizona%29
You can check out companies here.
http://searchwww.sec.gov/EDGARFSClient/jsp/EDGAR_MainAccess.jsp?search_text=%22Asher%20Enterprises%2C%20Inc%22&isAdv=false
08/29/2012 XML of 10-Q for AMERICAN RESTAURANT CONCEPTS INC
COMPANY NAME(s) - [AMERICAN RESTAURANT CONCEPTS INC (CIK - 1452872 /SIC - 6794)]
In November 2011, Asher Enterprises converted $10, 000 of the principal amount of the note into 227, 273 shares of the Company s common stock. In December 2011, Asher Enterprises converted an additional $15, 000 of the principal amount of the note into 681, 818 shares of common stock.
08/29/2012 10-Q for AMERICAN RESTAURANT CONCEPTS INC
COMPANY NAME(s) - [AMERICAN RESTAURANT CONCEPTS INC (CIK - 1452872 /SIC - 6794)]
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 25, 2012 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
Exhibits List-> | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21
08/29/2012 XML of 10-Q/A for Dewmar International BMC Inc
COMPANY NAME(s) - [Dewmar International BMC Inc (CIK - 1269879 /SIC - 2080)]
On August 1, 2012, the Company entered into an investor relations consulting agreement with Empire Relations Group, Inc.( Empire ), a corporation organized under the laws of the State of New York.
08/28/2012 XML of 10-Q/A for NYXIO TECHNOLOGIES Corp
COMPANY NAME(s) - [NYXIO TECHNOLOGIES Corp (CIK - 1373761 /SIC - 3571)]
v2.4.0.6 Subsequent Events 6 Months Ended Jun. 30, 2012 On July 10, 2012, we issued a second Convertible Promissory Note to Asher Enterprises, Inc. ( Asher ) in the amount of $37,500.
08/28/2012 XML of 10-Q for Greenfield Farms Food Inc
COMPANY NAME(s) - [Greenfield Farms Food Inc (CIK - 1440517 /SIC - 7370)]
v2.4.0.6 DERIVATIVE LIABILITY 6 Months Ended Jun. 30, 2012 On June 22, 2012 the Company, accepted and entered into Securities Purchase Agreement (the "Convertible Promissory Note Agreement") originally dated June 15, 2012 with Asher Enterprises, Inc., a Delaware corporation (the "Investor"),
08/28/2012 SC 13G/A for CoroWare Inc
COMPANY NAME(s) - [CoroWare Inc (CIK - 1156784 /SIC - 7372), ASHER ENTERPRISES INC (CIK - 1506797 /SIC - Unspecified)]
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (AMENDMENT NO. 1)* COROWARE, INC.
08/28/2012 XML of 10-Q/A for ScripsAmerica Inc
COMPANY NAME(s) - [ScripsAmerica Inc (CIK - 1521476 /SIC - 5122)]
On August 6, 2012, the Company entered into a securities purchase agreement with Asher Enterprises Inc. ( Asher ) pursuant to which Asher purchased from the Company an 8% convertible note in the principal amount of $63, 000 (the Note ).
[FIRST COLOMBIA GOLD CORP (CIK - 1045929 /SIC - 1382)]
On 23 November 2011, the Company issued a convertible note to Asher Enterprises, Inc. (“Asher”) in the amount of $37,500, bearing interest at a rate of eight percent (8%) per annum on any unpaid principal balance, unsecured, with principal and interest amounts due and payable upon maturity on 28 August 2012 (the “Asher Note”). Any amount of principal or interest amount not paid on 28 August 2012 (the “Default Amount”) shall bear interest of twenty-two percent (22%) per annum commencing on 28 August 2012 to the date the amount is paid.
Asher has the option to convert any portion of the unpaid principal balance into the Company’s common shares at any time commencing 6 months after the date of issuance up to the later of 28 August 2012 or the date of the Default Amount is paid, at a conversion price equal to fifty-eight percent (58%) of the market price for the common shares during the ten (10) trading days prior to the conversion.
The Asher Note contains a provision limiting the number of shares of common stock into which the Asher Note is convertible to 4.99% of the outstanding shares of the Company’s common stock. However, the provision in the Asher Note may be waived by Asher upon sixty-one (61) days’ prior notice. The Company has a right of prepayment of the Asher Note anytime from the date of the Asher Note until one hundred eighty (180) days thereafter, subject to a prepayment penalty in the amount of 130% to 150% of the outstanding principal and interest of the Asher Note based on the date of prepayment.
The fair value of the beneficial conversion feature was estimated at $27,155 and was recorded as additional paid-in capital. On 4 June 2012, the Company issued 2,000,000 restricted common shares to Asher valued at $2,600 upon conversion of Asher Note, reducing the principal amount to $34,900 (Note 8). During the six month period ended 30 June 2012, the Company accrued interest expense of $20,132 (30 June 2011 - $Nil), of which $18,648 relates to the amortization of debt discount (30 June 2011 - $Nil) (Note 12).
d. On 16 March 2012, the Company issued a convertible note to Asher in the amount of $37,500, bearing interest at a rate of 8% per annum on any unpaid principal balance, unsecured, with principal and interest amounts due and payable upon maturity on 20 December 2012 (the “Asher Note #2”). Any amount of principal or interest amount not paid on 20 December 2012 (the “Default Amount #2”) shall bear interest of 22% per annum commencing on 20 December 2012 to the date the amount is paid.
Asher has the option to convert any portion of the unpaid principal balance into the Company’s common shares at any time commencing 6 months after the date of issuance up to the later of 20 December 2012 or the date of the Default Amount #2 is paid, at a conversion price equal to 58% of the market price for the common shares during the 10 trading days prior to the conversion.
The Asher Note #2 contains a provision limiting the number of shares of common stock into which the Asher Note #2 is convertible to 4.99% of the outstanding shares of the Company’s common stock. However, the provision in the Asher Note #2 may be waived by Asher upon 61 days’ prior notice. The Company has a right of prepayment of the Asher Note #2 anytime from the date of the Asher Note #2 until 180 days thereafter, subject to a prepayment penalty in the amount of 140% to 150% of the outstanding principal and interest of the Asher Note #2 based on the date of prepayment.
The fair value of the beneficial conversion feature was estimated at $27,155 and was recorded as additional paid-in capital. During the six month period ended 30 June 2012, the Company accrued interest expense of $11,257 (30 June 2011 - $Nil), of which $10,377 relates to the amortization of debt discount (30 June 2011 - $Nil) (Note 12).
e. On 6 June 2012, the Company issued a convertible note to Asher in the amount of $27,500, bearing interest at a rate of 8% per annum on any unpaid principal balance, unsecured, with principal and interest amounts due and payable upon maturity on 6 March 2013 (the “Asher Note #3”). Any amount of principal or interest amount not paid on 6 March 2013 (the “Default Amount #3”) shall bear interest of 22% per annum commencing on 6 March 2013 to the date the amount is paid.
Asher has the option to convert any portion of the unpaid principal balance into the Company’s common shares at any time commencing 6 months after the date of issuance up to the later of 6 March 2013 or the date of the Default Amount #3 is paid, at a conversion price equal to fifty-one percent (51%) of the market price for the common shares during the 10 trading days prior to the conversion.
The Asher Note #3 contains a provision limiting the number of shares of common stock into which the Asher Note #3 is convertible to 4.99% of the outstanding shares of the Company’s common stock. However, the provision in the Asher Note #3 may be waived by Asher upon 61 days’ prior notice. The Company has a right of prepayment of the Asher Note #3 anytime from the date of the Asher Note #3 until 180 days thereafter, subject to a prepayment penalty in the amount of 140% of the outstanding principal and interest of the Asher Note #3 based on the date of prepayment.
http://www.sec.gov/Archives/edgar/data/1045929/000111776812000346/R11.htm
Cleartronic, Inc. and Subsidiary
Notes to Condensed Consolidated Financial Statements
June 30, 2012
10.1
Convertible Promissory Note Dated November 15, 2011 between Cleartronic, Inc. and Asher Enterprises, Inc. (5)
10.2
Convertible Promissory Note Dated January 19, 2012 between Cleartronic, Inc. and Asher Enterprises, Inc. (5)
http://www.sec.gov/Archives/edgar/data/1362516/000109181812000352/clri0829201210qa.htm
XML 35 R10.htm IDEA: XBRL DOCUMENT
9 Months Ended
Jun. 30, 2012
Organization, Consolidation and Presentation Of Financial Statements
Nature of Operations
NOTE 2 - GENERAL
a. The Company was incorporated in the state of Nevada on July 17, 2007 and was in the business of developing and promoting automotive internet sites. During the second quarter of 2010 the management of the Company decided to change its business focus to that of Greenhouse Gas (GHG) emission reduction. The Company seeks to generate revenue through sales of carbon credits, energy generation, project development and sale of byproducts.
The Company offers potential partners (owners of: landfills, coal mines, fertilizer factories, etc) a kind of turnkey operation in dealing with the emission reduction. The Company service consists of: executing the process needed in order to make the project eligible for carbon credits, choosing the most suitable technology to be applied, arranging for the financing, constructing and managing the project for its life. We operate primarily in countries from the former Soviet Union, China and the USA.
During the second quarter of 2012, the Company's 50%-owned subsidiary, Puresphere Ltd, commenced its operations. The results of its operations and balance sheet as of June 30, 2012 has not been material.
On September 16, 2011, we signed a securities purchase agreement with Asher Enterprises Inc., a Delaware corporation with a head office in New York (“Asher”), pursuant to which Asher purchased an aggregate amount of U.S. $45,000 of our 8% convertible notes (the “Notes”). The Notes are convertible into shares of common stock of the Company from time to time, and at any time, beginning March 14, 2012 and ending, absent any condition of default, on June 14, 2012, subject to the limitations and conditions set forth in the Notes. The Company has the right to prepay the Notes under the certain conditions for 180 days following the issue date. On each of November 21, 2011 and February 2, 2012, Asher purchased an additional U.S. $32,500 of our 8% convertible notes (for an aggregate total of U.S. $65,000). Such additionally-purchased notes, together with the Notes, are referred to as the “Asher Notes”.
On March 19, 2012 Asher transferred 100% of the Asher Notes to third parties. During April 2012, such third parties converted $110 thousand (i.e., 100% of the principal amount) of the Principal amount of the Asher Notes into 28,893,043 shares of the Company (a conversion price of $0.0039802 per share).
On March 26, 2012, and May 7, 2012 Asher purchased an additional U.S. $53,000 and $32,500, respectively of our 8% convertible notes.