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Wow - didn't know Rod talked with anyone else! So you were able to talk with him too? That's wonderful!
The JV with GEAR is in default and done. GEAR NEVER gained any control over WSRA and all those PRs and financial disclosure statements filed by GEAR are false and have been reported to the SEC.
Mr. Chaffee still likes the Silver Cord and silver will be more in demand in the future.
I believe that Rod is a very busy person who is concentrating all his energy to return the mine to production which will create value for shareholders. This is a huge operation with many details to be covered, equipment to be repaired/replaced, parts ordered, etc.
I am not aware of any false information other than a posting reporting that the mine was flooded and destroyed which of course turned out to be totally false.
Rod never cut off communication with investors, just told me he does not have time to chat with shareholders.
How much work could Rod get done if he chatted with those 300+ shareholders on a regular basis?
SIRG owns 80% of the Chloride copper mine and with copper at $3.7855 their share of the mine is worth $15,000,000.
SIRG's current market value is around $4.5M showing that SIRG remains under valued and has lots of room to climb to .034.
DJ BASE METALS: Copper 3.7597 Climbs on Spain Hopes
Sep 21, 2012 By Tatyana Shumsky
--Comex December copper up 0.7% at $3.7855
--Progress in Spain boosts euro, bolsters interest in dollar-denominated copper
--But some traders remain cautious after Thursday's weak China data
NEW YORK--Copper futures were higher Friday, rebounding from recent losses, as optimism about Spain offset concerns about slower growth in China.
The most actively traded contract, for December delivery, was recently up 2.65 cents, or 0.7%, at $3.7855 a pound on the Comex division of the New York Mercantile Exchange.
Reports that Spain was moving closer to formally requesting a bailout strengthened investor sentiment. The Financial Times said Spain and the European Commission held talks about the structural reforms and other measures that must be put in place before the euro zone's fourth-largest economy can formally ask for help.
The euro rallied on the news, rebounding back above the $1.30 level in recent trade. Dollar-denominated copper futures become less expensive for investors who use other currencies when they rally against the dollar.
While investors cheered the signs of progress in the euro zone, "lurking below the surface is the concern China is heading for a hard landing," said traders at RBC Capital.
Copper futures had touched a one-week low Thursday, after data showed China's manufacturing activity remained in contractionary territory in September. China is the world's largest consumer of copper, a metal primarily used in electrical wires and plumbing pipes.
Some market watchers, however, see the downbeat report as raising the likelihood that the world's second-largest economy will soon launch a stimulus program.
"Given the sluggish readings, we would not be surprised to see the government move on both interest rates and reserve requirements over the next several weeks," said Edward Meir, senior commodities strategist with INTL FCStone, in a note to clients.
Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com
(END) Dow Jones Newswires
09-21-12 1003ET
Copyright (c) 2012 Dow Jones & Company, Inc.
http://futures.tradingcharts.com/news/futures/DJ_BASE_METALS__Copper_Climbs_on_Spain_Hopes_185955574.html
I think you forgot a couple of recent scam stocks and SUGO is being pumped again! CRWV and HMNC are two more.
Hi true, welcome to the SIRG crew of happy sailors on the SIRG ship. I hope you found the I-BOX information helpful, always nice to see your CEO in person at work for you!
Our first price target is .034, the fair market value of SIRG's 80% ownership of the mine and then .50, the options exercise price for the officers and CEOs.
After that the pps will be determined by the EPS and we are looking for .10 or more. Any JV or acquisition will double the pps and Mr. Cordon will begin the search for the above the day copper production begins.
Welcome aboard,
Lmcat
You sure took out those .012s. SIRG ask now .0124. Once the E is gone I think we move to the .013s.
Do you have any proof that GRBG stated their filings will be updated?
And $120,000 value is a lot - what are shareholders getting for that?
Rod had told me eons ago that there were three projects in his bucket, one was to re-design the SIRG website and that was finally done in June. The others are to hire either an IR person or company to represent SIRG and to test drill the areas south of the existing pit. But he told me they will not happen until revenues start coming in and asked me to be patient while he builds the company.
I believe all his time is currently devoted to getting the final permits approved, getting everything at the mine ready to resume the production of copper and negotiating the purchase of that additional 90 acres south of the pit.
Why would anyone invest in a pink sheet company with no current filings and a skull and crossbones on OTCMarkets that is DTCC chilled?
Investors are advised that OTC Markets Group has been unable to contact or confirm the location of this company. If you have current contact information, please complete the Update Company Information Form or send an email to info@otcmarkets.com.
Latest Report Nov 21, 2011 Quarterly Report
GRBG has a history of reverse splits, the last one a real haircut of 1 for 1000 on Feb. 4, 2011!
Involved in a lawsuit!
The Company, along with Organic Products Solutions, Inc. and William White, has been sued in the Circuit Court of Ionia County, Michigan by WOW Green International, LLC for damages in excess of $25,000 alleging breach of contract. The suit alleges that on December 14, 2009, Wow Green entered in to a binding letter of intent with Mr. White to purchase Mr. White’s controlling interest in Green Bridge as well as all of the business and assets of Green Bridge. The exchange was for Mr. White selling all series D preferred shares of Green Bridge and Wow Green paying Mr. White $9,000,000.00. It is the opinion of the Company’s counsel that this is a frivolous lawsuit and that the Company was within its rights when this LOI expired to look for other offers. Additionally, the Company and William White have entered a counter claim against WOW Green and Allie Mallad (CEO of WOW Green) for damages in excess of $25,000 alleging breach of contract regarding the exclusive Licensing Agreement signed January 13, 2010, making Green Bridge Industries their exclusive supplier for certain non-enzyme based products. The Company paid $137,000 to Wow Green International for these exclusive rights and to date has not been reimbursed.
The phone conversation took less than a minute, more like 20 seconds, and there is no way of knowing what kind of meeting Rod was in. It could have been a meeting with one other person!
How long does it take to say "MARCUM is handling the SAS Review and the E should be gone by Thurs, Friday at the latest". Thanks for calling? And that was a tight lipped conversation, nothing else was said.
Gee I could say that in 10 seconds or less.
And if MARCUM gets the SAS Review approved today, the E will be removed today and it will be gone Monday. We must remember that we are dealing with a government agency and things move at their pace.
SIRG has until Sept. 26th to have the E removed and I have no reason not to believe the problem will be resolved by then.
Anyone can call FINRA at: (301) 590-6500 to get the same pubilcally available information.
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Looks like 83,200 SIRG shares left at .012 and then up to .0124.
SIRG continues to hold in penny land building a new base here. Last Friday SIRG jumped 25% and tomorrow is FRIDAY! A rerun would be nice.
Date Open High Low Last Change Volume % Change
09/20/12... 0.0110... 0.0115... 0.0110... 0.0115... +0.0005... 43800... +9.09%
09/19/12... 0.0100... 0.0110... 0.0100... 0.0110... unch... 633900 unch%
09/18/12... 0.0115... 0.0120... 0.0100... 0.0110... -0.0010... 1747600 -8.33%
09/17/12... 0.0110... 0.0124... 0.0100... 0.0120... -0.0005... 504300 -4.00%
09/14/12... 0.0101... 0.0125... 0.0100... 0.0125... +0.0025... 2010400... +25.00%
Hi Josey, good to see dropping by.
SIRG looking good again today. Lots of peeps watching and waiting and they will be chasing as SIRG moves closer to production. News should send SIRG to a new 52 week high.
Since GEAR has no cash or assets, and their stock price is sub-penny, what are they going to use to buy any Philippine mining properties?
Canadian miner B2Gold Corp (BTO.TO) will buy CGA Mining Ltd (CGA.TO) (CGX.AX) for C$1.1 billion ($1.13 billion) to gain access to one of the largest gold mines in the Philippines.
The South East Asian country sits over $850 billion reserves of gold, silver and other metals, based on government estimates.
CGA expects its flagship mine on the island of Masbate to produce 200,000 ounces of gold in the year ending June 30, 2013.
It takes some kind of asset to acquire anything!
I just finished reading the CDFT article and you beat me to it.
What's with a site that has Hot News Headlines and they are over a year old?
http://www.buzzbahnllc.com/news_headline_e.html
Good morning all, with each passing day SIRG continues to move closer to production.
It is sad that a country like Afgan is so divided by tribes and crazies that they cannot come together to develop the mines that would give them a decent economy.
I don't have a crystal ball but our first target for SIRG is .034, fair market value. The next target is .05, the options exercise price for the officers and BOD members.
Looks like SIRG is building a new base at .01.
No clue how they get so many peeps to beat a dead horse back to life. SUGO remains DTCC chilled as well.
SIRG is waiting for the APP to be transferred. For those who do not know what this entails here is a link to the ADEQ site that will explain it.
http://www.azdeq.gov/environ/water/permits/download/workshop1.pdf
As you scroll through the document, note that it MUST be submitted by a Registered Professional Engineer with his Certificate No. There is a replica of the official stamp that is required.
http://www.azdeq.gov/environ/water/permits/index.html
SUGO is being pumped by hubbers (bag holders) and they released a PR that they are forming an African subsidiary. SUGO has no assets and especially no cash. Lots of convertible notes remaining to be converted and dumped. Trading halt in Canada and a lawsuit!
$7 Million in Gold Found at Dead Person’s House
Sixty-nine year old Walter Somasko Jr. never said much to his neighbors except for maybe a wave every now and then. He had lived in the same small Carson City, Nevada ranch house since 1968 and lived with his mother until she died in 1992. After the neighbors hadn’t seen him in weeks, and a foul odor started emanating from his house, they got concerned and contacted city officials. They found him dead, and the coroner said that he had been dead for about a month. Apparently, he died of heart disease.
Alan Glover, the Carson City clerk, had an attorney friend handle the estate and track down any living relatives. Since Somasko had no will and had only $200 in his bank account when he died, Glover didn’t expect there to be any difficulties with the estate. But the cleanup crew who was hired to remove the body and clean out the house found some unexpected things. Stashed away throughout the garage and house were gold bars and coins, some dating back to the 1840’s and originating from all around the world. The coins were so plentiful that they had to be transported out of the house with wheelbarrows. According to Glover, the bars and coins together value at least $7 million by their weight alone. It could be more considering that many of the coins were collector’s items. In addition to the gold, Somasko had about $12,000 in cash stowed away. It was also found that Somasko hadn’t worked in over 40 years and had been living off of his stock accounts that were worth about $160,000 dollars.
The city clerk was able to track down Somasko’s only living heir, a cousin who lives in San Rafael, California. Of course, before they transfer all the gold to her, the IRS has to get their “fair share,” which may amount to about 75% depending on whether the old man and his mother paid their taxes properly. They said that they would be taking a bare minimum of about $800,000. The IRS says on its website that “the estate tax is a tax on your right to transfer property at your death.” As if taxing Somasko’s income during his life was not enough, they get to claim ownership of his inheritance and tax the very transfer of his wealth. I wonder what the IRS is going to do with the gold. Are they going to convert it into dollars first before giving the relative her portion and then keep the gold for themselves? Our government doesn’t like people having that much physical gold on hand.
The media love to point out that in addition to being a gold and cash-hoarder, Somasko was “anti-government” and “anti-vaccine.” He owned guns and ammo. He had a few “conspiracy theory” books. He also stored large amounts of canned tuna and salmon.
The image they want to convey is that this guy was a nutcase. He was a “hoarder.” Maybe he kept his cash under his mattress, something Obama advised us not to do when the economy started going sour. We’re not supposed to save our money in times of economic downturns; we’re supposed to be out spending our money and driving ourselves into debt because that’s normal. People don’t hold that much cash unless they’re terrorists or drug dealers. People don’t amass that much gold unless they’re anti-government conspiracy theorists who don’t trust the Federal Reserve System. People aren’t opposed to vaccines unless they’re paranoid about the medical industry. People don’t own guns and ammo unless they’re planning to go on a shooting spree.
The $7 million in gold was the media’s attention getter. But then as you delve into their story, it’s as if they want you to say, “Ohh, that’s why he had so much gold. Because he hated the government. He must have had a mental disorder. At least he’s dead now so that he’s no threat to the rest of us. No telling what he could’ve done with all that hate and with all those guns.”
There was a time when having that much gold just meant that you were wealthy and that you saved your money. Nowadays, gold isn’t money unless you’re a government, a powerful financial institution or George Soros.
Read more: http://politicaloutcast.com/2012/09/7-million-in-gold-found-at-dead-persons-house/#ixzz26vlXmUUJ
I'm wondering who United Mines is? A pink with a YIELD sign with a market value of $4,671,364 which is extremely high for a company searching for ore.
My WAG is that they have too many projects in the pipeline and are not moving forward on any of them.
It took less than a minute for him to respond, no big deal. Rod is extremely tight-lipped and does not wag his tongue on useless chit-chat.
I have no idea who the meeting was with nor what it was about and what I think is irrelevant but thanks for asking.
Strange to see your posting here!
Afghanistan to reveal final bidders for giant gold deposit
The Afghanistan Ministry of Mines said Tuesday it opened its final bid for the Badakhshan gold deposit, located in the northeastern province of Badakhshan, Dow Jones Commodities reports.
Mines Minister, Wahidullah Shahrani, said on Tuesday that the bid was the final of four mineral tenders, issued in a process that started in December last year, for the exploration and subsequent exploitation of four gold and copper deposits.
It is estimated that Afghanistan sits on over $1 trillion of untapped mineral wealth, but analysts warn that corruption, war and lack of basic infrastructure are likely to continue delaying the much-needed mining boom in the country.
The country’s reserves of oil, gold, iron ore, copper, lithium, rare earths and other minerals are so vast that an internal Pentagon memo from 2010 —when most of the reserves were discovered— stated the country was posed to become the “Saudi Arabia of lithium,” a key element in the manufacture of high tech devices.
The government opened bids for another three huge mineral deposits, all of them mainly copper, last July and it should announce the preferred bidders before the end of the year.
http://www.mining.com/afghanistan-to-reveal-final-bidders-for-giant-gold-deposit-85276/?utm_source=digest-en-mining-120918&utm_medium=email&utm_campaign=digest
Rod was in a meeting at the time of my call so he simply replied about MARCUM taking care of the E and thanked me for calling.
Good morning all, SIRG moves another day closer to production, can't believe we are over half way through Sept. already.
If there were no SIRG sellers there wouldn't be any shares available to buy.
SIRG build a nice base at .008 and looks like penny land is the next base to build.
We know who bought those 700K+ shares and he is one happy sailor to get more at that price. The seller is the loser.
VENDUM BATTERIES INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2012
NOTE 8 – CONVERTIBLE NOTES PAYABLE – RELATED PARTIES
On December 10, 2009, a related party issued the company a 12% convertible note payable of $50,000. Interest will accrue beginning from the date of the loan however no interest is due until the loan comes due on December 10, 2010. On March 3, 2010 another $25,000 was loaned to the company under the same terms as the original loan. On May 3, 2010, the convertible loans of $75,000 were converted into 33,750,013 shares of common stock.
On May 18, 2010, the Company issued a 12% convertible note payable of $25,000 to a related party due September 3, 2011.
On July 26, 2010, the Company issued a 12% convertible note payable of $50,000 to a related party. Interest will accrue beginning from the date of the loan however no interest is due until the loan comes due on July 27, 2011.
The balance of the convertible notes to related parties as of June 30, 2012 and December 31, 2011 was $75,000 and $75,000, respectively.
Accrued interest payable related to the above loans totaled $18,589 and $16,359 at June 30, 2012 and December 31, 2011, respectively.
NOTE 9 – CONVERTIBLE NOTES PAYABLE
On March 23, 2011, the Company entered into a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $65,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for general working capital purposes. The Notes bear interest at the rate of 8% per annum and matures on December 28, 2011. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 60% of the average of the lowest three trading prices of the Company’s common stock during the ten trading days on the OTCBB proceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
Unless waived in writing by the Holder, the Company is prohibited from effecting the conversion of the Note to the extent that as a result of such conversion the Holder thereof would beneficially own more than 4.99% in the aggregate of the issued and outstanding common stock immediately after giving effect to the issuance of common stock upon conversion.
While the Note is outstanding, the Holder is entitled to a reduction in the conversion price if we issue any securities for a per share price less than the conversion price in effect available to the Holder.
The loans may be converted into the Company’s common stock at any point during the term of the loan by the note holder. The number of shares to be issued will be determined by the fair market value of the common stock on the date of the conversion. If fair market value is not determinable at the conversion date the stock will be converted based on the lesser of either the share price of the last private offering or the thirty day average of the Company’s stock in the event a public listing has taken place.
On May 3, 2011, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $32,500. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 8% per annum and matures on February 2, 2012. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 58% of the OTCBB value preceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
On September 21, 2011, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $37,500. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 8% per annum and matures on June 9, 2012. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 58% of the average of the lowest three trading prices of our common stock during the ten trading days on the OTCBB proceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
The Company accounts for the fair value of the conversion features in accordance with ASC 815-15, “Derivatives and Hedging; Embedded Derivatives. ASC 815-15 requires the Company to bifurcate and separately account for the conversion features as an embedded derivative contained in the Company’s convertible debt. The Company is required to carry the embedded derivative on its balance sheet at fair value and account for any unrealized change in fair value as a component of results of operations. The Company valued the embedded derivative using the Black-Scholes pricing model. The Company valued the embedded derivative 180 days after the issuance of the notes per the terms of the convertible notes payable. The embedded derivative related to the note issued on March 23, 2011 was valued at $64,196. The embedded derivative related to the note issued on May 3, 2011 was valued at $32,500. The debt discounts are amortized over the remaining term of the loans, in these cases, three month. The balance of the debt discount was $10,833 as of June 30, 2012.
During the year ended December 31, 2011, the Company converted $28,000 of the March 23, 2011 note into 17,214,375 shares of common stock.
The balance of the convertible notes payable was $142,000 as of June 30, 2012. Accrued interest related to these notes was $7,607 as of June 30, 2012.
NOTE 9 – CONVERTIBLE NOTES PAYABLE (CONTINUED)
On February 23, 2012, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Holder”) for the sale of a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $35,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 12% per annum and matures on February 24, 2013. The Note is convertible into shares of our common stock at the fair market value of the shares at the date of conversion.
On May 15, 2012, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Holder”) for the sale of a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $10,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 12% per annum and matures on May 15, 2013. The Note is convertible into shares of our common stock at the fair market value of the shares at the date of conversion
NOTE 10 – NOTE PAYABLE
On June 30, 2011, the Company issued a note payable for proceeds of $7,000 to help fund operations. The note was due on April 30, 2011, bears 5% interest and is unsecured. The note is in default as of June 30, 2012. Accrued interest related to this note was $265 as of June 30, 2012.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8782740
VNDB USES TOXIC FINANCING AS BAD AS ASHER AND IS IN DEFAULT!
VENDUM BATTERIES INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2012
NOTE 8 – CONVERTIBLE NOTES PAYABLE – RELATED PARTIES
On December 10, 2009, a related party issued the company a 12% convertible note payable of $50,000. Interest will accrue beginning from the date of the loan however no interest is due until the loan comes due on December 10, 2010. On March 3, 2010 another $25,000 was loaned to the company under the same terms as the original loan. On May 3, 2010, the convertible loans of $75,000 were converted into 33,750,013 shares of common stock.
On May 18, 2010, the Company issued a 12% convertible note payable of $25,000 to a related party due September 3, 2011.
On July 26, 2010, the Company issued a 12% convertible note payable of $50,000 to a related party. Interest will accrue beginning from the date of the loan however no interest is due until the loan comes due on July 27, 2011.
The balance of the convertible notes to related parties as of June 30, 2012 and December 31, 2011 was $75,000 and $75,000, respectively.
Accrued interest payable related to the above loans totaled $18,589 and $16,359 at June 30, 2012 and December 31, 2011, respectively.
NOTE 9 – CONVERTIBLE NOTES PAYABLE
On March 23, 2011, the Company entered into a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $65,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for general working capital purposes. The Notes bear interest at the rate of 8% per annum and matures on December 28, 2011. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 60% of the average of the lowest three trading prices of the Company’s common stock during the ten trading days on the OTCBB proceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
Unless waived in writing by the Holder, the Company is prohibited from effecting the conversion of the Note to the extent that as a result of such conversion the Holder thereof would beneficially own more than 4.99% in the aggregate of the issued and outstanding common stock immediately after giving effect to the issuance of common stock upon conversion.
While the Note is outstanding, the Holder is entitled to a reduction in the conversion price if we issue any securities for a per share price less than the conversion price in effect available to the Holder.
The loans may be converted into the Company’s common stock at any point during the term of the loan by the note holder. The number of shares to be issued will be determined by the fair market value of the common stock on the date of the conversion. If fair market value is not determinable at the conversion date the stock will be converted based on the lesser of either the share price of the last private offering or the thirty day average of the Company’s stock in the event a public listing has taken place.
On May 3, 2011, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $32,500. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 8% per annum and matures on February 2, 2012. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 58% of the OTCBB value preceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
On September 21, 2011, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal amount of $37,500. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 8% per annum and matures on June 9, 2012. The Note is convertible into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 58% of the average of the lowest three trading prices of our common stock during the ten trading days on the OTCBB proceeding the conversion date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar event.
The Company accounts for the fair value of the conversion features in accordance with ASC 815-15, “Derivatives and Hedging; Embedded Derivatives. ASC 815-15 requires the Company to bifurcate and separately account for the conversion features as an embedded derivative contained in the Company’s convertible debt. The Company is required to carry the embedded derivative on its balance sheet at fair value and account for any unrealized change in fair value as a component of results of operations. The Company valued the embedded derivative using the Black-Scholes pricing model. The Company valued the embedded derivative 180 days after the issuance of the notes per the terms of the convertible notes payable. The embedded derivative related to the note issued on March 23, 2011 was valued at $64,196. The embedded derivative related to the note issued on May 3, 2011 was valued at $32,500. The debt discounts are amortized over the remaining term of the loans, in these cases, three month. The balance of the debt discount was $10,833 as of June 30, 2012.
During the year ended December 31, 2011, the Company converted $28,000 of the March 23, 2011 note into 17,214,375 shares of common stock.
The balance of the convertible notes payable was $142,000 as of June 30, 2012. Accrued interest related to these notes was $7,607 as of June 30, 2012.
NOTE 9 – CONVERTIBLE NOTES PAYABLE (CONTINUED)
On February 23, 2012, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Holder”) for the sale of a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $35,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 12% per annum and matures on February 24, 2013. The Note is convertible into shares of our common stock at the fair market value of the shares at the date of conversion.
On May 15, 2012, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Holder”) for the sale of a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $10,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for our general working capital purposes. The Note bears interest at the rate of 12% per annum and matures on May 15, 2013. The Note is convertible into shares of our common stock at the fair market value of the shares at the date of conversion
NOTE 10 – NOTE PAYABLE
On June 30, 2011, the Company issued a note payable for proceeds of $7,000 to help fund operations. The note was due on April 30, 2011, bears 5% interest and is unsecured. The note is in default as of June 30, 2012. Accrued interest related to this note was $265 as of June 30, 2012.
There will always be some who take profits and lack the patience to wait for SIRG to produce really huge profits for them.
What I would like to know is what do they see out there that is better than SIRG?
Proven ore reserves and they own 80% of the mine and only a few months left until they start loading the leach pad.
MMs doing another walk down, just dropped the ASK to .01 but buyers are grabbing the cheap shares. Nice 731,950 trade just went across.