Sierra Resource Group Inc. (fka SIRG)

[Warmy]

Better read this closely...

SIRG DEF14C

Millions of shares are about to be issued to note holders...

The Company currently has 43,474,132 shares included in the Class A Common Stock Reserved for Issuance. 21,390,799 shares have been recorded and disclosed in Company public filings, but have not been issued to stockholders. 2,200,000 shares are pending issuance to J. Rod Martin, CEO, in consideration for 2010 consulting agreements. 2,857,467 shares are pending issuance to Blackpool Partners LLC, a company owned by the Company’s CEO and a related party, in consideration for a 2011 debt conversion. 6,666,666, 3,333,333, 3,333,333 shares are pending issuance to Grandview Ventures LLC, Shadow Capital LLC and Oak Street Trust respectively in consideration for May 12, 2012 investments. 3,000,000 shares are pending issuance to Tangiers Investors, LP in consideration for a debt conversion. 22,083,333 shares have been reserved for an outstanding note to Asher Enterprises. This amount reflects the contractual obligation of five times the estimated reserve of shares based on the market price of $0.012 on September 20, 2012, but is subject to increases and decreases in the amount based on the changes in the stock price.

The anticipated effective date is January 16, 2013...

Pursuant to Rule 14c-2 under the Exchange Act, the Articles Amendment increasing the Authorized Common Stock will not be effective until at least twenty (20) days after the date on which this Information Statement is filed with the Securities and Exchange Commission and a copy hereof has been mailed to the Company’s stockholders as of the Record Date. The Company anticipates that this Information Statement will be mailed to our stockholders as of the Record Date on or about December 27, 2012. Therefore, the Company anticipates that the increase in our Authorized Common Stock will be effective, and the Amended Articles of Incorporation will be filed with the Secretary of State for the State of Nevada, on or about January 16, 2013.

At least four toxic note holders are going to be fighting for whatever they can get out of the PPS at the same time. Last one "out the door" holds the bag.