TORONTO, April 28, 2016 /CNW/ - Mahdia Gold Corp (the Company)(CSE:MGD), wishes to advise the public and its shareholders that the term 'Managing Director' was improperly used when referring to Mr. Zaakir's termination in our press release dated April 12th 2016.
Michael Smith, CEO states "We have undertaken a review of the corporate documents associated with Mahdia Gold Corp and Mahdia Gold Corporation (Guyana) Inc. and have determined based on advise of our legal counsel that Mr. Zaakir has not rightfully held the position as a director of Mahdia Gold Corporation (Guyana) Inc. since his resignation dated June 5th 2013 from all posts assigned to him by Mahdia Gold Corporation (Guyana) Inc."
The term 'Managing Director' referred to in the Company's press release dated April 12th was used in error.
On or about June 1st, 2014 Mr. Zaakir was appointed as Advisor for Guyana Affairs with direct reporting to Mr. Don Gordon, the Company's CEO at the time. In recent months, the board of directors of the Company uncovered matters including financial, legal and reporting deficiencies with respect to Mr. Zaakir's dealings with the Company's assets and business interests.
On April 11th 2016, Mr. Zaakir was terminated for cause. The term 'Managing Director' was not referred to in Mr. Zaakir's termination resolution.
Mahdia is a Canadian based gold exploration and development company with active gold prospects at the Omai Mine in Guyana, South America.
FORWARD LOOKING STATEMENTS
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 Corporation
For further information: please contact Michael Smith, CEO at firstname.lastname@example.org