Sunergy, Inc. (fka SNEY)

[goodfree]

This looks bad doesn't it?????? What happens when those shares hit the market????

tem1.01 Entry into a Material Definitive Agreement

Item 2.01 Completion of Acquisition or Disposition of Assets

On October 18, 2010, we entered into a membership purchase agreement with Allied Mining and Supply, LLC for the purchase of 100% of the issued and outstanding membership interest of Allied Mining, a Nevada Limited Liability company, which owns the rights to Exploration License #EXPL 5/2009 on the 140 sq km Pampana River concession in Sierra Leone, West Africa.

In consideration for the purchase of the membership interests, we agreed to pay $18,0000 cash and issue 100,000,000 units at a deemed price of $0.0025 to Allied Mining. The units consist of 100,000,000 shares of restricted stock, 100,000,000 warrants to purchase 100,000,000 shares of restricted stock at an exercise price of $0.0025 per share for a period of 12 months and 100,000,000 warrants to purchase 100,000,000 shares of restricted stock at an exercise price of $0.005 per share for a period of 12 months.