worst pile of convertibles i'd ever seen
SIRG w this new deal if it goes through will not only have
1) over 18% interest rate- guaranteed 7.5% return to redrock accredited plus an additional at least 7.5% profit sharing to redrocks accredited investors- and redrock implies such will be considerably more than that -so i figure conservatively 20% interest rate which doesnt necessarily include redrocks take
2) security of all assets as a bank would probably have
4) apparently at least 40% of profits go to redrock- to be split between redrock and their accredited-that MINIMUM implied 7.5% profit sharing to redrock accredited
5) and unlike a bank, i think redrock has fashioned operational control or operational veto into their little " we can dictate our harsh terms to these junior miners because they are so desperate for financing" game
i know they havent filed since sept 30 2013 qtr
but OTC still reports them as an SEC reporting co, (which is what i'd looked at- i realize OTC can be tardy in updating)
which would or should apply at least until April 15,2014 deadline (90 days for annual report plus 15 day extension) for extension to file-their stated intent-otherwise they wouldnt have filed an NT April 1
so if BLM and ADEQ were done by then, as claimed by the ihub promoters, even though redrock itself says elsewhere fed and state permits are "ALMOST" complete, they had a duty to file/PR material events at least until then, as presumably recognized as SEC reporting even by SEC until then- and redrocks press conference was July 11,so any agreement w SIRG had to have been fashioned before then
OTC still lists them as SEC reporting- just delinquent- so was using that though obviously delinquent
also when they initially dropped down to pinks as many SEC reporting co's have done since May 1 (depending on their fiscal year- they have 4 months from end of fiscal year to comply w new OTCQB reporting policy) i thought (though i may be in error on that thinking because they may have dropped straight from otcqb to limited info-dont remember-) it might also be because of OTC's new rules for OTCQB listing-namely that as of May 1 of this year, to be listed on OTCQB:
1) u had to have a min bid price of 1c for 90 consecutive days- which SIRG did not have -so that would kick them off OTCQB even if they were SEC reporting -MANY SEC reporting co's are or will now (the phasing in of new requirements based on fiscal year completed by May 1,2015) be OTC pink current because of these new OTCQB reporting requirements - I realize they arent even pink current now
2) pay a new bribe price annual fee of 10,000 on top of all the filing fees just to be listed on OTCQB -and i figured SIRG did not have the 10000
so even if SIRG was current SEC reporting they would no longer be OTCQB
what i was basing my statement on without checking w sec-from otc site:
Financial Reporting/Disclosure
Reporting Status U.S. Reporting: SEC Filer
Audited Financials Audited
Latest Report Sep 30, 2013 10-Q
SIRG w this new deal if it goes through will not only have
1) over 18% interest rate- guaranteed 7.5% return to redrock accredited plus an additional at least 7.5% profit sharing to redrocks accredited investors- and redrock implies such will be considerably more than that -so i figure conservatively 20% interest rate which doesnt necessarily include redrocks take
2) security of all assets as a bank would probably have
4) apparently at least 40% of profits go to redrock- to be split between redrock and their accredited-that MINIMUM implied 7.5% profit sharing to redrock accredited
5) and unlike a bank, i think redrock has fashioned operational control or operational veto into their little " we can dictate our harsh terms to these junior miners because they are so desperate for financing" game
i know they havent filed since sept 30 2013 qtr
but OTC still reports them as an SEC reporting co, (which is what i'd looked at- i realize OTC can be tardy in updating)
which would or should apply at least until April 15,2014 deadline (90 days for annual report plus 15 day extension) for extension to file-their stated intent-otherwise they wouldnt have filed an NT April 1
so if BLM and ADEQ were done by then, as claimed by the ihub promoters, even though redrock itself says elsewhere fed and state permits are "ALMOST" complete, they had a duty to file/PR material events at least until then, as presumably recognized as SEC reporting even by SEC until then- and redrocks press conference was July 11,so any agreement w SIRG had to have been fashioned before then
OTC still lists them as SEC reporting- just delinquent- so was using that though obviously delinquent
also when they initially dropped down to pinks as many SEC reporting co's have done since May 1 (depending on their fiscal year- they have 4 months from end of fiscal year to comply w new OTCQB reporting policy) i thought (though i may be in error on that thinking because they may have dropped straight from otcqb to limited info-dont remember-) it might also be because of OTC's new rules for OTCQB listing-namely that as of May 1 of this year, to be listed on OTCQB:
1) u had to have a min bid price of 1c for 90 consecutive days- which SIRG did not have -so that would kick them off OTCQB even if they were SEC reporting -MANY SEC reporting co's are or will now (the phasing in of new requirements based on fiscal year completed by May 1,2015) be OTC pink current because of these new OTCQB reporting requirements - I realize they arent even pink current now
2) pay a new bribe price annual fee of 10,000 on top of all the filing fees just to be listed on OTCQB -and i figured SIRG did not have the 10000
so even if SIRG was current SEC reporting they would no longer be OTCQB
what i was basing my statement on without checking w sec-from otc site:
Financial Reporting/Disclosure
Reporting Status U.S. Reporting: SEC Filer
Audited Financials Audited
Latest Report Sep 30, 2013 10-Q
