Five days after filing the forbearance (Jan 16th, 2013), SIRG had to deliver the over 7M shares to their various financing companies. If they failed to do so, they would lose their 80% interest in the mine.
Anti-Dilution Shares. Within five business days of the filing date of the Company’s amendment to its articles of incorporation providing for the increase of the authorized Common Shares, the Company shall direct its Transfer Agent to deliver to Holder, Shadow Capital LLC, and Oak Street Trust the following Common Shares that represent anti-dilution Common Shares owed to the preceding entities as of November 20, 2012.
Entity Common Shares Holder — February Note 5,045,000 Holder — May Note 1,002,000 Shadow Capital LLC 668,000 Oak Street Trust 668,000
Upon the completion of their A/S increase to 990M SIRG issued 21,390,799 shares to their various financing companies to fulfill the shares owed but not issued.
21,390,799 shares have been recorded and disclosed in Company public filings, but have not been issued to stockholders. 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.
Capitalization Prior to the Articles Amendment: Outstanding: 347,833,085
Capitalization Immediately Following the Articles Amendment: Outstanding: 369,223,884
Asher Financing is VERY TOXIC! SIRG has already given Asher millions of shares in the past, and they will continue to do so for the following notes.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 17, 2012 in the amount of $53,000. The note has an interest rate of 8% with a maturity date of April 19, 2013.
The Company entered into a Convertible Promissory Note with Asher Enterprises, Inc. on October 5, 2012 in the amount of $32,500. The note has an interest rate of 8% with a maturity date of July 10, 2013.
During the three months ended September 30, 2012, a convertible note with a face value $37,500 was converted into 12,212,798 shares of common stock. (0.003pps)
The terms of the Asher notes are what make them toxic!
TERMS: The notes mature nine months from the date of issuance, bear interest at an annual rate of 8%, and are convertible into common stock of the Company at the option of the holder at a conversion rate equal to 51% of the average of the lowest three closing trading prices of the Company’s common stock during the ten trading days immediately preceding the conversion date.
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