Additional thoughts...
Grand View Ventures (also known as Sunburst Minerals) took over the deed of trust on the 80% of the mine Sierra owned to secure a note, at that point the remaining 20% was still owned by Medina until Medina sold its remaining 20% to Sierra with the note due in 2018. If, Sierra could find a buyer or an investor, like OROT as a buyer or prior to them Red Rock Assets as an investor, to pay the note and interest the deed would be returned to Sierra and so the 80% that Grand View returned combined with the 20% Sierra owned would be the 100% sold to OROT. OC did a great job to connect with management and certainly he could not relate the details of deal but it sure makes sense. Looking forward to the PR, go SIRG...
From the 2012 10K...Effective January 10, 2013 the Company has entered into a Forbearance Agreement with Grand View (the “Agreement”). In consideration for entering into the Agreement, the Company has agreed that it shall perform (or agree to the terms of) the following material requirements: (a) the May Note shall bear an 18% interest rate from November 1, 2012 forward, (b) a deed of trust on the Company’s 80% interest in the Chloride Copper Mine shall be filed to secure the February and May Notes.
From the 2012 10K... In April 2013, the Company acquired the remaining 20 % interest in certain assets and properties of Medina Property Group, LLC (see Note 5). Part of the considerations consists of a 3 % convertible note in the amount of $ 4,000,000 , due in April 2018, and convertible into common stock at a conversion rate equal to 30 % of the average closing price for the ten trading days immediately preceding the day of conversion.
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