Sierra Resource Group Inc. (fka SIRG)

[Warmy]

I wouldn't say it "looks great". More convertible notes, increasing debt and continued unpaid debts. And then there is this...

...we anticipate that revenue may not be generated until FY2014. Our projected expenditures will likely far exceed proceeds from sales over the next twelve months, which will require that we obtain substantial financing in order for us to pursue our current plan of operations. If we do not achieve the necessary financing, then we will not be able to proceed with other planned activities, including our planned exploration activities, and our financial condition, business prospects and results of operations could be materially adversely affected to the point of having to cease operations, which would likely cause our investors to lose their entire investment.

All of that is pretty much on par with what has been going on here so far and is to be expected.

But then it gets interesting...

On April 12, 2013, the Company executed a Second Amendment to the Asset Purchase Agreement (“Second Amendment”) between the
Company and Medina Property Group, LLC dated April 23, 2010, amended by the First Amendment to the Asset Purchase Agreement dated June 10, 2010. This Second Amendment provides for the acquisition of Medina’s remaining twenty (20%) percent right, title, and interest in the asset known as the Chloride Copper Mine. The execution of this transaction would increase the Company’s interests in the Chloride Copper Mine to 100%. In consideration for the 20% interest, the Company entered into a 6-month promissory note for seven hundred fifty thousand ($750,000) dollars, forty million (40,000,000) shares of Class A common stock, a 5-year convertible promissory note for four million
($4,000,000) Dollars, and a 10-year warrant purchase agreement for Medina to purchase up to twenty million (20,000,000) shares of its Class A common stock at a share price of $0.27.

I don't know if this is good or bad. That 20% was quite pricy for not even having pulled an ounce of copper out of the ground yet. Is the $4 million convertible note their financing for operations? I wonder what the terms are?