Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
According to their filing there is nothing under Subsequent Events to show that these problems have been resolved.
NOTE 11 – SUBSEQUENT EVENTS
On July 27, 2012, the Company issued 7,500,000 common shares to Scott Geisler in accordance with his mutual release agreement with the Company. The shares were valued at $146,250. The shares issued are currently held in escrow and are not considered outstanding.
On July 31, 2012, the Company appointed Baoky Vu as a member of the Board of Directors and granted 1,000,000 shares of the Company’s common stock to Mr. Vu as a bonus, valued at $20,000.
On September 13, 2012, the Company entered into an agreement with Choice Capital Group, Inc. for Choice Capital Group to act as a transaction facilitator to acquire certain proprietary extraction technology. According the agreement, the Company shall escrow 20,000,000 common shares during the testing period of this technology.
On September 18, 2012, the Company entered into a mining claims lease agreement with Judgetown LLC (“Judgetown”) to lease 130.76 acres land located in Yavapai, Arizona for 2 years . Under the lease agreement, the Company has the option to purchase the mining claims for $ 1,500,000, with all lease payments over the 2-year lease subtracted from the $1,500,000. As initial consideration for the lease, the Company shall pay to Judgetown $100,000 within ninety days after October 15, 2012. After the first lease payments, the Company needs to pay Judgetown $30,000 every 3 months for the rest of the lease term.
And that lease date of 2012 does not match the Yavapai Co. Recorder's records.
I just started reviewing their filing and wow, what a mess the company is in.
The prior CEO/CFO entered another problematic agreement with Amazon Holding LLC to pay a finder’s fee for raising $250,000 in the acquisition of mining property. These finder’s fees were 100% of the entire transaction with a 24% interest rate and current management is of the belief that David Janney was to receive 50% of those payments. Management disputes this agreement with Amazon Holdings, LLC.
On February 26, 2012, the Company entered into a settlement agreement with David Janney (our former CEO/CFO) for his actions outlined above related to wrongfully issued common stock of the Company, among many other things. The settlement agreement includes the following terms:
a.
The Company agreed to issue 5 million shares of restricted Bonanza Goldfields common stock to Mr. Janney as a form of compensation. The shares will be paid in two tranches. The first 2,500,000 shares should be issued upon the execution of the settlement and is issued on March 19, 2012. The second 2,500,000 shares were to be issued six months from the execution date of the settlement but have not been issued.
14
b.
The funds held in escrow by Christine Wright at the Wright Law Firm, P.A. on behalf of Freedom Boat, LLC for a loan under Mr. Janney’s name will be considered payment in full for Mr. Janney's return of 20,000,000 shares to the treasury on August 29, 2011.
c.
Mr. Janney agreed not to sell any more than 1,000,000 shares of his personal holdings of Bonanza Goldfields common stock in the open market in any thirty-day period.
Mr. Janney agreed to return to the Company all of the Company’s property in his possession or in the possession of his family or agents including without limitation Bonanza's files and all documentation (and all copies thereof) dealing with the finances, operations and activities of the Company, its clients, employees or suppliers.
The Company recorded a loss of $59,000 on this settlement in the quarter ended December 31, 2011 as a recognized subsequent event.
Management is in the process of assessing these agreements and settlement with David Janney and learned that the title of the Midas Claim that the Company purchased from David Janney’s company, Global Minerals, Inc. never transferred to the Company. Since the title was never transferred, the transaction is being investigated and the Company is determining the validity of the David Janney settlement agreement.
I am guessing it's going to cost a few bucks in legal and accounting fees to untangle all this.
Not Asher but just as bad.
DALLAS, TX--(Marketwire -06/19/12)- Southridge Enterprises Inc. (SRGE) is pleased to announce that Southridge Minerals, Inc., its wholly owned subsidiary, today has executed an agreement with Duvernoi Capital Investments Inc. ("DCII"), providing for a $3,500,000 financing. This financing is in the form of a convertible debenture with terms stipulating an interest rate of 8.8% and a loan repayment term of 32 months from the date of execution of the agreement, by way of cash or through the conversion of shares of Southridge stock.
The repayment terms of the financing are amenable to the Company's property development schedule and to future financings plans to retire the debt.
Share Structure (OTC:BONZ)
(As of April 30, 2012)
From their website
Outstanding:
Incentive Options:
Fully Diluted:
Public Float:
Approx. Market Capitalization:
330,862,680
27,500,000
358,362,680
230,633,471
OTC Markets shows a different SS.
BONZ Security Details
Share Structure
Market Value1 $16,543,134 a/o Sep 28, 2012
Shares Outstanding 330,862,680 a/o Apr 30, 2012
Float Not Available
Authorized Shares 500,000,000 a/o Mar 31, 2011
So what is correct?
None of these previous positions have prepared him for the role of running a public company nor a mining company.
What does he know about SEC regulations or getting a mining claim permitted? Does he know what a stope is? Does he know what a Feasibility Study is?
Nobody on the BONZ BOD is involved or has been involved in the mining industry and that is a weakn
Being exposed to gold is fine but BONZ will need to raise funds to get permits to find the gold and then raise more money to develop a mining operation if they find enough gold to justify spending $5-$10M.
That is fine but he has never served as a CEO. He has no experience in the mining industry or running a public company. He has a lot to learn and will need to get up to speed ASAP.
That's not what I would call a cabin, looks like it was more of a bunk house for employees back then.
Welcome to the SIRG board. Now provide proof that the SIRG CEO is a scumbag!
J. Rod Martin, CEO at the town hall meeting in Chloride on June 6, 2012.
J. Rod Martin purchased 9,700,000 shares of SIRG in Oct of 2010 as an investment when he was NOT an officer or member of the BOD.
He was elected CEO in August of 2011 after the sudden death of the previous CEO from a brain aneurysm at age 45!
He has done an excellent job of guiding SIRG through the permitting process starting in Jan of 2012 by hiring Rizzo & Assoc to do the MPO which was approved in June.
Sorry but there are 3 people tracking the SS with the TA and there has been NO RECENT DILUTION.
Total share Volume for August was 17,168,505 shares!
So please provide your evidence of dilution as posted.
We all know that notes were converted and sold previously and that is the reason we are constantly monitoring the SS with the TA. If you read the 10Q you will see that no notes have been converted recently. There has been NO dilution since May.
Class A: Authorized shares: 440,000,000
Class A: Total issued and outstanding: 347,833,085
Class A: Total restricted: 51,485,000
Pacific Stock Transfer Company
4045 S. Spencer Street, Suite 403
Las Vegas, NV 89119
Phone: 702-361-3033 Ext 118
Toll Free: 800.785.PSTC (7782)
Robbers hit California State Mining and Mineral Museum
Thieves armed with 'pickaxes' may have taken up to $2 million in gold and gems from the Mariposa museum, which will conduct an inventory to determine losses.
By Diana Marcum, Los Angeles Times
September 30, 2012
MARIPOSA — Armed robbers may have made off with as much as $2 million in gold and gems from the the California State Mining and Mineral Museum in Mariposa, a parks spokesman said.
A statewide hunt was on for the robbers and the possible loot Saturday after the Friday afternoon robbery. About 4 p.m., multiple robbers dressed entirely in black and wearing face masks and night goggles broke in and threatened a museum curator and a museum guide with what were described to police as pickaxes.
They herded employees into the far end of the faux-mine museum building, then went after the famed Fricot Nugget, an almost 14-pound swirl of crystalline gold believed to be the biggest chunk to survive the Gold Rush, said state parks spokesman Roy Stearns.
The nugget is kept in an iron safe within a vaulted room. When the burglar alarms sounded, the doors to the room automatically started to close. The thieves couldn't get into the safe but managed to escape the building — possibly with other gold and gems.
Within minutes, law enforcement officers swarmed the museum grounds. The Mariposa Gazette posted online "The California State Mining and Mineral Museum has just been robbed."
The suspects are still at large. The museum's treasures have been moved to an undisclosed location, where officials will take inventory to see what is missing.
The possibility of such a heist has been a point of contention among local volunteers who wanted the state Parks Department to turn over control of the museum to them.
The cash-strapped state was slated to pack up the collection for storage by the end of July. Then, on July 20, it surfaced that the Parks Department had $54 million socked away, previously unreported to budget officials; and the museum and its collection remained open, awaiting a final decision.
diana.marcum@latimes.com
Let us be clear that the "E" has been removed and the symbol is SIRG. Please use the correct symbol when posting about SIRG!
And thanks to challenges such as declining ore grades, "very complex" permitting and the availability of water and power for processing, the balance between copper supply and demand is razor-thin, said Red Conger, president of Phoenix-based Freeport-McMoRan Americas. The world has about a week of copper stores on hand, Conger said.
Worse still, the industry has fewer workers to wrestle with those challenges. The industry "missed a whole generation of people in the '90s" who decided to go into technology and banking, O'Brien said. Newmont has 500 mining engineers worldwide who are eligible to retire in the next five years. The company could hire every college mining graduate in the United States, and it wouldn't be able to replace those engineers, O'Brien said.
So companies are trying to sell people on the business. O'Brien pointed to a Sept. 18 Bloomberg article noting that 2012 graduates of the South Dakota School of Mines & Technology outearn recent Harvard grads, with a median salary of $56,700, compared to $54,100.
"A mining degree is worth its weight in gold," O'Brien said.
Aside from more workers, faster permitting would help, too, O'Brien said.
"We're asking for speedier regulations, not worse regulations," he said. "We're asking for predetermined regulations that are enforced in ways we know over scheduled time periods. Why? Because we could put people to work here in Nevada if we could open our projects earlier, if we could have more visible regulations and if those regulations were done under legislation."
http://www.lvrj.com/business/golden-days-for-mining-but-convention-panelists-say-things-could-be-even-better-171116911.html
Still waiting for proof that there was a paid pump on SIRG. A copy of the pump or disclaimer will do. Perhaps more information could be provided to verify the paid pump. Was it an e-mail, mailer?
Please provide the number for the phone call claimed to verify that there was a paid pump on SIRG as posted. Verify the post by providing the phone number so that it can be verified by others.
If proof cannot be provided a retraction post is expected!
Please provide the number for the phone call to verify that there was a paid pump on SIRG as posted. Verify the post by providing the phone number.
At .25 pps BONZ would have a fair market value of over $66,000,000. No way on earth is the little junior explorer with no proven ore reserves worth even $5M and at .05 it is already over valued at $16M.
Good morning Salty - I slept in knowing that the SIRG ship is safely in the harbor for the weekend and being loaded with supplies for next week.
Read this article this morning that shows the need for security at the mine.
TUCSON (KGUN9-TV) – Officers recovered more than $300,000 worth of copper that was stolen from the ASARCO Mining Corporation in Hayden, Ariz.
According to the Arizona Department of Public Safety, a traffic stop on Interstate 10 was conducted on Sept. 27 as part of a criminal investigation.
Forty-eight large copper plates, or ingots, were found in a commercial vehicle trailer. Each ingot is four feet wide, four feet long, two inches thick and weighs approximately 880 pounds.
The discovery at the traffic stop led the Criminal Investigation Division to carry out a search warrant in a residence in the 6300 block of W. Tangerine Road in Marana, Ariz.
During the home investigation, 54 copper ingots were found, which piloted the seizure of three truck tractors, three semi-trailers, one fork lift and two hand carts, according to a news release.
ARSARCO Hayden Plant representatives identified the stolen copper ingots on scene. The total combined weight of the stolen copper reaches almost 90,000 pounds.
SIRG lost the E - finally!
Mr. Stojsavljevich should be OK as CEO but he has no history of being in the mining industry. Depends on how fast he can get up to speed.
You can find the lease recorded here.
http://eweb.co.yavapai.az.us/recorder/web/
Of interest, just type Bonanza into the "BOTH" slot. You will get records of 32 documents showing BONZ's transactions.
JUDGETOWN is the most recent and at the top.
That says the Congress Mine and its impossible to tell what is happening.
Does anyone know where BONZ is in the permitting process? Are they on an exploration permit?
If they find enough ore to justify a mining development they will need funding and permitting. They will need to produce a Feasibility Study and if that is accepted they need a MPO - Mine Plan of Operations.
An MPO can take a year or more to get approved and then there are the EPA permits/approvals.
They will also need an APP from ADEQ and that is at least a year or more to get.
BONZ is likely 2-5 years from production. Someone should check with the BLM office.
Phoenix District
Scott Cooke, Acting District Manager
Hassayampa Field Office
Rem Hawes
21605 North 7th Avenue
Phoenix, AZ 85027-2929
623-580-5500
Fax: 623-580-5580
Hours: 7:30 a.m. – 4:15 p.m., M-F
Judgetown LLC of Wickenburg, AZ. leased the HULL LODE MS #3523 PT in the Martinez Mining District on 02/11/2011 to Bonanza so that is not new.
The attorney was
David Janney
736 E. Braeburn Dr.
Phoenix, AZ 86022
This is the same guy who sent $39,000 to a cable company in the Dominican Republic.
Address of property: Hull Lode Claim MS3523, Congress, AZ.
It is often said "the trend is your friend". Considering SIRG's gradual move higher and continued accumualation on good volume, I'm surprised that anyone is selling.
That's right, I had forgotten about that USA Today article about our little SIRG. How many OTC stocks get a shout out in USA Today?
I agree and it is great to read an article about SIRG that is from an independent 3rd party reporter and not a paid PR. Gives it so much more validity.
List of OTCBB Filing Delinquent Companies as of Sep 28, 2012
Each trading day, FINRA publishes a list of companies that it believes are non-compliant with FINRA
Rule 6530 (the “Eligibility Rule”). A company is generally added to this list on the date that the symbol
is appended with an “E” modifier. This is generally two business days after notification is published
on the OTCBB Daily List. A security is removed from this list one business day after FINRA
determines that it is eligible for quotation, or the security is no longer quoted on the OTCBB.
The Eligibility Rule and a list of frequently asked questions concerning monitoring and enforcement
of this Rule can be viewed on the OTCBB website at: http://www.otcbb.com/faqs/otcbb_faq.stm
Issuer Name Reason Not Eligible
Grace Period
Expiration Date*
Advaxis, Inc. Delinquent (07/31/2012 10Q) 10/22/2012
Affected Issue(s): ADXSE
Camelot Corp (NV) Delinquent (07/31/2012 10Q) 10/22/2012
Affected Issue(s): CAMLE
Elevate Inc Delinquent (05/31/2012 10K) 10/18/2012
Affected Issue(s): ELEVE
Gravis Oil Corporation Delinquent (04/30/2012 20F) 10/18/2012
Affected Issue(s): GRAVE
Pinacle Enterprise Inc Delinquent (07/31/2012 10Q) 10/22/2012
Affected Issue(s): PINSE
RVPLUS, Inc. Delinquent (07/31/2012 10Q) 10/22/2012
Affected Issue(s): RVPLE
SIRG is no longer on the list!
http://www.otcbb.com/DailyListContent/delistings/OTCBBDelOpenReport.pdf
That information has already been posted and discussed. SIRG filed on Sept 26th as required but the government agencies are "a bit slow" according to Samatha at FINRA OTC Markets, 866-776-0800 when I asked why the E was still there today. She said it "should" be removed by Monday!
I do feel that it's time to lay the "E" to rest as SIRG filed on time and was not downgraded to the pinks. Subject closed.
WRONG AGAIN
SIRG was NOT downgraded again and previously it was not downgraded since the filing was done on time! OTCMarkets failed to record the filing despite the fact that it was filed on the 15th exactly as required!
10-Q/A Sept 26, 2012 Jun 30, 2012 467.4 KB PDF RTF HTML XLS
10-Q Aug 21, 2012 Jun 30, 2012 464.5 KB PDF RTF HTML XLS
NT 10-Q Aug 15, 2012 Jun 30, 2012 20.4 KB PDF RTF HTML
FINRA has not updated their Delinquent list for today. Dealing with government agencies is a royal pain.
List of OTCBB Filing Delinquent Companies as of Sep 27, 2012
http://www.otcbb.com/DailyListContent/delistings/OTCBBDelOpenReport.pdf
I called FINRA OTC market operations at 866-776-0800 and they stated that FINRA has accepted SIRG's filing and the E "should" be gone on Monday. I asked why it was not removed today and she said "sorry, it's just our system is a bit slow!"
Either borrow money or be born with it waiting for you to spend. While Rod apparently received an inheritance from his grandfather or father, it was not sufficient to fund the development of SIRG's copper mine.
His grandfather founded Martin Tools Company but the Chinese made cheaper tools and they could not compete.
At least we know SIRG does not have to compete with the Chinese in the production of copper.
In February 2012, the Company issued a convertible note with a face value of $190,000. The note matures on February 16, 2013, bears interest at an annual rate of 15%, and is convertible into common stock of the Company at the option of the holder at a conversion price of $0.045 per share.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8838563
I know all the SIRG investors would love to see SIRG at .045 a share and clearly they expect it to get there and higher!
There are over 800 companies like SIRG that have used Asher and other equity lenders to build their companies. There are many junior exploration "mining" companies that spend years and millions of dollars "looking" for ore and never finding it. SIRG has used its funds well in hiring other companies to assist in the engineering, testing and permitting process.
Sadly many of them fail but SIRG has made tremendous progress towards bringing the mine to production and recently started hiring employees to work at the mine.
Clearly someone expected SIRG's CEO to throw his hands in the air and say "the banks are not lending and I don't want another Asher note so we're walking away from the mine".
People need to remember that Rod purchased 9,700,000 shares of SIRG as an investment in Oct of 2011 when SIRG was trading between .25 and .30. He was not an officer nor a member of the BOD. He has a huge investment on the line and will do what it takes to secure funds to bring the mine into production and that CANNOT be done without money!