Very good jrf30, thanks again for your thoughts and the facts of PP are spot on. I have some shares from PP but mine by far are open market because of the reasons you list. Most folks who have bought via PP are holding tight otherwise there would be daily volumes like 20-50 mill. The trading volume is so light that the pps is really determined by those that trade, not those that hold. If everyone can understand that point then it may put them at ease. This stock is determined by either nothing happening (which for those who actually get what is happening it's been pretty significant considering although taken much longer than anyone would have wanted) or treasure which is what we all bought for in the first place.
It's obvious the unsubstantiated "Ace Interview" is BS.......
The company has never stated they have an 80/20 agreement. He apparently doesn't even understand salvage law, if he even said what is being "rumored".
And since SFRX has never finished the mag survey, the research design report, or identified the shipwreck, they can't have a "recovery permit" as they claim. Because if they had a "recovery permit" they would not need a 3rd object.
What a truckload of pure BS. The law is clear. THERE IS NO 80/20 AGREEMENT. That was a lie spread by lenders who get discounted shares.
The permit is still in Phase 1, as the company has described the process in the filings. If Ace told you that, consider the source. He doesn't know what he's talking about.
1A-31.090 Transfer of Archaeological Materials, Title to Archaeological Materials Conveyed.
The division may transfer archaeological materials to which it holds title to the permittee in consideration of recovery services provided to the state under the terms of a recovery permit. Specific provisions for transfer of archaeological materials will be specified in each recovery permit.
(1) The division will ensure that materials are transferred so that the permittee receives approximately 80% of recovered archaeological materials, with the division retaining approximately 20% of recovered archaeological materials;
(2) Distribution of the recovered archaeological materials will be negotiated by the division and the permittee based on the historical value of recovered materials;
(3) Current holdings in the division collection shall be considered in the distribution of recovered archaeological materials;
(4) Artifacts recovered under an Exploration Permit for the same area or historic shipwreck site will be included in the pool of artifacts considered for transfer to the permittee, per subsection 1A-31.065(1) (see below), F.A.C.; and
(5) Each transfer of archaeological materials will include a written statement from the division to the permittee conveying title to the transferred materials.
1A-31.065 Additional Requirements for Exploration Permits.
(1) The division will approve the excavation and recovery of those artifacts which will assist in the identification of age and type of historic shipwreck site being investigated. No excavation or displacement of archaeological materials shall be conducted unless approved in writing by the division in the form of an amendment to the Exploration Permit. No archaeological materials shall be recovered unless approved in writing by the division in the form of an amendment to the Exploration Permit. All archaeological materials recovered under an Exploration Permit shall be included in the pool of artifacts considered for transfer to the permittee if a recovery permit is issued, per Rule 1A-31.090, F.A.C.
(2) With a minimum of disturbance to the permit area the permittee shall:
(a) Conduct such remote sensing of the entire permit area as may be required to locate the specific historic shipwreck site or sites as referenced in the permittee’s exploration application and permit;
(b) Identify the source of anomalies as may be required, with an emphasis on locating the historic shipwreck site or sites as referenced in the permittee’s exploration application and permit;
(c) Delineate the extent of historic shipwreck sites, with an emphasis on locating the historic shipwreck site or sites as referenced in the permittee’s exploration application and permit; and
(d) Evaluate the potential characteristics and significance of any historic shipwreck site in consultation with the division, with an emphasis on locating the historic shipwreck site or sites as referenced in the permittee’s exploration application and permit.
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