Replies to post #2764 on Mainland Resources, Inc.(fka MNLU)

[Ecomike]

I will say it again, I recall that we got some kind of an answer on current credit they have about a week after that report came out, about 8-12 weeks ago. Wells Fargo and $10,000,000.00 and xxx....??? was what they had now (which replaced the old Guggenheim credit line) that comes to mind. It is in the old posts here somewhere, because I was very worried about it at the time (the well was not complete at that point, they were still drilling), when I first read it and asked about it here.

I bought and added shares since then (and so did the AEXP CEO IIRC the timing), so I know we got some sort of adequate assurance they had credit to pay bills with during this current stretch, or I would have sold 8 weeks ago at the last peak price instead of adding.

I am not saying they will not do some JV deal for further funding and expansion (it should be obvious they need to do some dealing to bring in cash for expansion right now), but I am reasonably sure they can NOT sell common shares until the merger is complete, so that leaves the other options, one of which they have used with great success in the past, being limited JVs and credit lines from the likes of Guggenheim.

They already have a track recording for success, for funding, and closing the deals.

In summary, my position is "No worries Mate"!

[Ecomike]

While digging I looked here:

http://secwatch.com/mnlu

I do not think I have ever seen so many SEC reports in 3-4 months for a single company!!

Still digging for that old post and source. Too many posts to dig through, and google was no help

[ThSeeker]

This was his response and I got nothing beyond this.

The Company is advanced with respect to funding the project going forward. I believe the Line of Credit you are referring to is the LC that was employed in the Louisiana project. This line is no longer in place as we paid it off last year. Guggenheim has an 8% working interest in the Burkley Phillips project. There will be a Press Release issued when funding or other arrangements are secured. Hope this is helpful.