Sierra Resource Group Inc. (fka SIRG)

[StockKingArthur]

BUYER BEWARE From the most recent 10Q,

http://ih.advfn.com/p.php?pid=nmona&article=58837522

The Company entered into a Convertible Promissory Note with All Business Consulting Inc. on November 14, 2012 in the amount of $25,000. The note had an interest rate of 8% with a maturity date of November 14, 2013. The balance due including principal and accrued interest was $25,986 and $25,258 at June 30, 2013 and December 31, 2012, respectively.

The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on February 25, 2013 in the amount of $63,000. The note had an interest rate of 8% with a maturity date of November 27, 2013

The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on February 27, 2013 in the amount of $5,000. The note had an interest rate of 8% with a maturity date of December 4, 2013

On July 30, 2013, the Company was issued a Letter of Understanding by Paul C. Rizzo Associates, Inc. whereby the Company and Paul C. Rizzo Associates, Inc. mutually forbear taking any actions against each other on any matters until January 1, 2014. Disputes have arisen with regards to the February 5, 2013 agreement (see Note 6) and the Company and Paul C. Rizzo Associates, Inc. have agreed to commence discussions and take no action against each other until after December 31, 2013.

On August 2, 2013 the Company entered into a Second Forbearance Agreement with Grand View Ventures, LLC. In consideration for entering into the agreement the Company agreed to the following material terms; a default interest rate of 18%, compounded quarterly, on the February 16, 2012 note (“February Note”) and the May 3, 2012 note (“May Note”), pay certain attorney fees of Grand View, payment of an extension fee of $145,000, all accrued interest from the February Note and May Note up to July 15, 2013 is added to principal on both notes respectively, and a reset of the warrants associated with the February Note and May Note to $0.001. In consideration for entering into the agreement Grand View agreed to the following material terms; waiving all defaults and breaches of the Company specific to both the February Note and May Note, extension of the February Note and May Note maturity date to November 15, 2013, shall waive $120,000 or $75,000 from the extension fee if the February Note and May Note are paid in full before August 15, 2013 or September 27, 2013 respectively.

Looks like more dilution heading this way!!!!!!!

The near future looks to be quite grim for sirg.