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Post# of 62039
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Re: microcaps1 post# 24558

Monday, 07/22/2013 4:23:19 PM

Monday, July 22, 2013 4:23:19 PM

Post# of 62039
The main reason that I can think of for SIRG halting the permitting process is to postpone the due date for the Grand View Venture notes.

If the company had secured funding, SIRG wouldn't have allowed the permitting process to stop. However, if they were still seeking funding, they would want to delay the due date for the Grand View notes as much as possible.

Simply put, SIRG owes nearly $400K to Grand View either 3 months after the FONSI date or October 15, 2013, whichever comes first. Since they likely don't have funding lined up, they wanted to delay the notes due date as much as possible.

Amount owed to Grand View Ventures as of March 31, 2013. These notes are now due on October 15, 2013.

Note dated Feb. 16th: $213,431

Note dated May 3rd: $169,967




http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9021095

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9306844

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