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EX-10.01 - EXHIBIT 10.01 - SIERRA RESOURCE GROUP INC | ex10-01.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
April 23,
2010
________________________________________________
Date of
Report (Date of earliest event reported)
SIERRA
RESOURCE GROUP, INC.
______________________________________________________
(Exact
name of registrant as specified in its charter)
NEVADA
000-25301 88-0413922
____________________________
________________________ ___________________
(State or other
jurisdiction (Commission
File Number)
(IRS Employer
of
incorporation)
Identification No.)
6586
Hypoluxo Rd., Suite 307
Lake
Worth, Florida 33467
___________________________________________________
(Address
of principal executive offices) (Zip Code)
(561)
639-1676
__________________________________________________
Registrant's
telephone number, including area code
6767 Tropicana Avenue,
Suite 207
Las
Vegas, Nevada 89103
_____________________________________________________________
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended
to simultaneously satisfy the filing obligation of
the registrant under any of the following
provisions:
[
] Written
communications pursuant to Rule 425 under the Securities Act(17 CFR 230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
1.01 ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT.
On
April 23, 2010, Sierra Resource Group, Inc. (the “Company”),
entered into an Asset Purchase Agreement (the “Asset
Purchase Agreement”) with Medina Property Group LLC, a Florida limited
liability company (the “Medina”). Pursuant
to the Asset Purchase Agreement, and upon the terms and subject to the
conditions thereof, the Company agreed to purchase 80% of certain assets of
Medina (the “Acquisition”)
known as the Chloride Copper Project, a former copper producer comprised of a
mineral deposit and some infrastructure located near Kingston, Arizona (the
“Mine”). The
purchase price for the Acquisition consists of the issuance at the closing of
the Acquisition of an aggregate of 12,750,000 shares of the Company’s common
stock in the name of Medina (the “Shares
Consideration”) and the payment, within 90 days following the closing of
the Acquisition, of $125,000 to a third party designated by Medina in the Asset
Purchase Agreement.
The
completion of the Acquisition is subject to the satisfaction or waiver of a
number of closing conditions set forth in the Asset Purchase Agreement,
including among others, the delivery of a deed and bill of sale with respect to
the Mine, the delivery of a stock certificate representing the Shares
Consideration and the release of all liens and other encumbrances on the
Mine.
The
foregoing description of the Asset Purchase Agreement is only a summary, does
not purport to be complete and is qualified in its entirety by reference to the
copy of the Asset Purchase Agreement filed herewith as Exhibit 10.01 and
incorporated herein by reference.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
10.01 Asset
Purchase Agreement, dated April 23, 2010, by and among Sierra Resource Group,
Inc. and Medina Property Group LLC
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has
duly caused this report to be signed on
its behalf by the undersigned
hereunto duly authorized.
SIERRA
RESOURCE GROUP, INC.
Date: April
29, 2010 /s/
MICHAEL DOUGHERTY
__________________________________________
Michael Dougherty
President
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