Mainland Resources Names New Director, Extension to Merger Agreement
Mainland Resources has accepted the appointment of Gerry Jardine as a director of the Company effective May 18, 2011.
Mr. Jardine has worked in corporate finance and administration for public companies for the past 30 years and has considerable experience in fund raising for public companies. Since 1989, he has been President and principal shareholder of Amcan Fiscal Consultants, a private management consulting company based in Vancouver, British Columbia. Mr. Jardine founded and has served as Director and Officer of TSX Venture Exchange, NASDAQ and OTC Bulletin Board companies primarily within the research and development, mineral resource and oil and gas sectors. His responsibilities have included acquisitions, funding, and corporate governance and investor relations functions. Mr. Jardine has also served as a director of Mercer Gold Corporation since May 2011.
The Board has also accepted the resignation of Rahim Jivraj as a director of the Company effective May 18, 2011.
The Company also announced that it and American Exploration Corporation ("American Exploration") have entered into an amending agreement to extend the termination date of the Merger Agreement between the companies to August 31, 2011.
The previously announced Merger Agreement between Mainland and American Exploration contemplates a stock-for-stock merger between the companies, subject to approval of the shareholders of both companies. The companies have entered into the amending agreement to extend the termination date of the Merger Agreement from May 31, 2011 to August 31, 2011, in order to allow for additional time to complete required administrative and regulatory matters related to the merger process.