Mainland Resources, Inc.(fka MNLU)

[pigroast11]

Looks like MNLU caught a sucker!

During fiscal 2011, a shareholder advanced $650,000 to the Company pursuant to a Demand secured Promissory Note which bears interest at 10% per annum. During the three months ended May 31, 2011, the shareholder advanced a further $310,000 on the same terms. As at May 31, 2011, accrued interest was $28,959 which has been included in accounts payable and accrued liabilities. The Demand Secured Promissory Note had a due date of June 30, 2011. The due date was subsequently extended to July 31, 2011.