Spotlight Innovation Inc. (fka STLT)

[Ecomike]

I can't help but wonder how this sordid affair will turn out in the end. I was just re-reading the recent MNLU ( AEXP ) news and noted that the deal they made with Westrock to screw over AEXP shareholders is only tentative, and thus may be dependent on MNLU getting funding and avoiding BK to put it bluntly. Which begs the question, of what happens if MNLU drops the ball next, and Westrock backs out of the "tentative deal"? Do they negotiate a new deal with AEXP, and let them look for funding, again, like they did before? Or does Westrock screw both companies and cut a new deal with Guggenheim? Who is Westrock anyway?

One good thing, if MNLU goes belly up due to debt and a failed JV funding...., AEXP is no longer tied at the hip to MNLU! Right now AEXP has no reason to hit us with serious dilution, but that risk still exists for MNLU, IMHO, and could screw up the Westrock deal?

If MNLU went BK, AEXP could conceivably raise some cash and buy up cheap defaulted MNLU leases, and maybe even cut a new deal with Westrock. One thing is for sure, this whole picture is starting to look like a soap opera suspense murder mystery on TV!!!!

It is too late for Santa Claus this year!!!

Mainland Reaches Agreement in Principle to Acquire Buena Vista Acreage and Terminates Merger with American Exploration
BY Market Wire
— 8:00 AM ET 12/23/2011

HOUSTON, TEXAS -- (MARKETWIRE) -- 12/23/11 -- Mainland Resources, Inc., (the "Company" or "Mainland") (OTCQB:MNLU)(WKN:A0ND6N) announces it has reached an Agreement in Principle, subject to certain conditions precedent, including entering into a definitive agreement, to purchase, from the owner, all rights, title and interest in and to approximately 4,580 acres of oil and gas leases located on the Buena Vista prospect in Mississippi (collectively the "Leases"). The Leases were previously held by American Exploration Corporation ("American"). As consideration for the purchase, the Company has agreed to issue 15,000,000 shares of its capital stock to the owner and has agreed to grant the owner a 5 percent working interest, after payout (100% recovery of all drilling and completion costs), of any wells drilled and completed on the approximately 12,800 acres (including the Leases) initially contributed to the Buena Vista Joint Operating Agreement by Mainland and American.

The Leases were previously held by American by way of an Option Purchase Agreement. American was unable to provide reasonable financial consideration acceptable to the owner of the Leases and was deemed to be in default of the provisions of the Option Purchase Agreement. As a result, American automatically forfeited and transferred to the owner all rights under the Option Purchase Agreement including, but not limited to, the Leases. The owner retained all payments made by American under the Option Purchase Agreement and all improvements made to the Leases. American will retain a 20% working interest in the 8,225 acres in the Buena Vista prospect contributed by Mainland to the Joint Operating Agreement.

Based on these events, Mainland and American have agreed to terminate their contemplated merger. The 15,000,000 Mainland shares being issued to purchase the Leases represent approximately the same number of shares that would have been issued to the shareholders of American on completion of the contemplated merger.

Mike Newport, President of Mainland, states, "We are extremely pleased to have succeeded in reaching an agreement in principle to purchase this acreage, which will complete the assembly of the entire land package representing the Buena Vista prospect turtle back structure target first discovered by the Chevron Long Well and confirmed by Mainland''s Burkley Phillips No. 1 well."

The Company is considering several alternatives including joint venture partners and equity financing in order to fund the well completion and testing. A completion program has been developed and will be commenced once acceptable funding or partnership and site access issues are resolved.