Mahdia Gold Announces Changes to the Board of Directors
Toronto, Ontario (FSCwire) - Mahdia Gold Corp (“Company”), announced, the resignation of Mr. Michael Smith CEO and Director of the Company and its Guyanese subsidiary Mahdia Gold Corporation (Guyana) Inc. and the resignation of board members; Mr. Fredrick Mraz and Mr. Adam K. Szweras. The resignations were tendered to eliminate potential conflicts of interest between the Company, its Guyanese subsidiary and Avalon Investment Holdings Ltd. (“Avalon”).
As previously announced (see the Company's press release of January 25, 2018), the Company has entered into an investment agreement with Avalon. It is anticipated the agreement terms will be renegotiated with Mahdia's new board and management. Messrs. Mraz, Smith and Szweras are contemplated to be stakeholders of Avalon, they have elected to resign to ensure an independent board can properly negotiate such arrangements on an arms-length basis.
APPOINTMENT OF NEW DIRECTORS AND INTERIM CEO
The company is very pleased to announce the appointment of Mr. Edward K. Chan as the interim CEO and Director. Mr. Chan will immediately take over all day to day operations of the Company and Mahdia Gold Corporation (Guyana), Inc. Mr. Chan is a significant shareholder and creditor of the Company and a successful real estate entrepreneur for over 20 years. He graduated from McMaster University with Hon. Bachelor Commerce Degree.
The company is very pleased to announce the appointment of Ms. Anne Szeto as a Director. Ms. Szeto is a significant shareholder and creditor of the Company. She has had a successful career in the real estate industry having spent over 25 years negotiating transactions. Ms. Szeto graduated from Sherdian College.
THE BOARD OF DIRECTORS
The Company is pleased to announce the following constituted Board. The Board will work as a team to address the Company's financial and operational future while accessing Mahdia’s long-term viability.
Mr. Edward K. Chan, Interim CEO
Ms. Anne Szeto
Major general (Ret’d). Norman McClean
Mr. Chan, Interim CEO stated, “the new board will seek to negotiate an investment agreement that preserves our stakeholder’s value by re-structuring terms for our Guyanese subsidiary to receive a carry interest in the ongoing project. Mr. Michael Smith, Mr. Fredrick Mraz and Mr. Adam Szweras have served on the Board of Directors during very difficult transition period of the Company since 2016. We have an avenue to realize value from the Omai project that did not exist in April 2016 and their commitment to the Company is greatly appreciated and we wish them every success in the pursuit of their current endeavours.”
Mahdia is a Canadian-based gold exploration company.
For further information contact: Edward K. Chan, Interim CEO by email at firstname.lastname@example.org.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward- looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Source: Mahdia Gold Corp
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