Sierra Resource Group Inc. (fka SIRG)

[Actuate]

They have fulfilled the notes to Asher. However, SIRG IS NOT IN COMPLIANCE WITH THE TERMS OF THE ASHER NOTES with regards to the number of shares that must be kept on reserve until the A/S increase is processed. I'm positive that not being compliant with the terms of the notes is viewed NEGATIVELY! Lol...

With the low share prices that the Company’s stock has experienced since first entering into loan agreements with Asher Enterprises, the number of Conversion Shares increases and the number of required Reserve Shares increases proportionately. As a result, the number of required Reserve Shares exceeded the number of authorized but unissued shares of the Company’s Class A Common Stock, and the Company became non-compliant with contractual requirements.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8853732