Back in August MIHL was working  with the Brazi

Back in August MIHL was working  with the Brazilian Gov. Gov. to get some medium term notes which were worth some 700 million ... what is the status of deal?

Posted By: MIHL Board : Just to update: we are working with the Brazilian Firm and Government for this funding. The funding will be in term of Brazilian Gov. Gov. medium term notes which must be redeamed in 10 years. We are not allowed to sell the notes for capital - it is like an endowment to a college. However, we are able to use them for collateral to raise funds either through new debt i.e. bonds or equity - new stock. We expect our accountant of course the discount the notes from face value aas to market conditions. Conservatively speaking probable 80% of face value will go to our books and we will be able to raise 75% of that in new capital for company expanision. So approximately 600 to 700 million. The closing process requires us to pay an application fee of $200,000 to the Brazilian Governmetn to qualify for this program. We are currently working with our Brazilian partners to raise these funds. We gove to have the deal close before October 15, 2012 but do not hold me to that date since much depends how quickly we can put together the $200,000 tender fee.