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  4. Sierra Resource Group Inc (SIRG) Message Board

You claim as a "fact" that Rod bought 9.7 Mil shar

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Post# of 4018
Posted On: 08/18/2012 9:50:47 PM
Posted By: Warmy

You claim as a "fact" that Rod bought 9.7 Mil shares in Oct. 2010 when clearly there wasn't enough volume to support that claim.


In actuality the shares were acquired by 5277 Partners in April 2010...




Item 3. Source and Amount of Funds and Other Consideration.






All of the shares of Common Stock beneficially held by the Reporting Person were acquired in a Asset Purchase Agreement between the Registrant and Medina Property Group, LLc. in April 2010.



http://www.sec.gov/Archives/edgar/data/107696.../sc13d.htm



The agreement is the acqusision of the Chloride copper mine and 5277 Partners received shares in the process.  Since Rod is the President of 5277 Partners, he had to file the 13D by SEC regulation.  In fact, he has to let it be known every single share that he has voting rights with.


The actual amount of shares acquired was 9,631,400


From the 2011 10-K we also know the following....


He acquired 2,200,000 restricted common shares (not issued) in the first half of 2011 for consulting services with SIRG.


He converted $6858.00 into 2,857,467 in Nov. 2011 from a convertible note between SIRG and  Blackpool Partners which Rod was (and still is) also a managing member.


9,631,400 + 2,200,000 + 2,857,467 = 14,688,867 shares that he HAS to claim ownership of as a beneficial holder.


From the 2011 10-K we also know how many shares he owns and claims...



Security Ownership of Management:
J. Rod Martin-CEO and Director (3)      10,587,467         3.1%


(3) Includes 5,057,467 shares which are earned, but have not been issued. These shares are disclosed in this 10-K under Item 12: Shares
Subscribed, Not Issued.



14,688,867 - 10,587,467 = 4,101,400.


So, your claim that he hasn't sold any shares is also false since he had to sell 4.1 Million shares.  Otherwise the number of shares claimed as a beneficial holder would be 14,688,867.




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