Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On March 19, 2012, Lorne Brown resigned from his position as a director of Bearing Mineral Exploration, Inc. (the “Company”). Mr. Brown’s decision to resign was not the result of any disagreement or dispute with the Company relating to its operations, policies or practices. At the time of his resignation, Mr. Brown possessed no Company securities, nor is he owed any compensation for his services rendered to the Company.
(d) Concurrent with Lorne Brown’s resignation, the Board appointed Art Agolli to serve as a member of the Board of Directors. Mr. Agolli will receive no compensation for his services as a director of Bearing Mineral Exploration, Inc. nor is he expected to be appointed to one or more committees of the board at future meetings. There are no transactions between Mr. Agolli and the Company during the prior fiscal year which would be required to be reported pursuant to Item 404(a) of Regulation S-K.
(c) On March 19, 2012, Gerhard Schlombs resigned from his officer positions as President, Principal Executive Officer, Principal Financial Officer (Principal Accounting Officer), Secretary and Treasurer of Bearing Mineral Exploration, Inc. Mr. Schlombs will continue to serve as a member of the Board of Directors. Following the resignation of Mr. Schlombs from his officer positions, the Company’s Board of Directors appointed Art Agolli as the Company’s President, Principal Executive Officer, Principal Financial Officer (Principal Accounting Officer), Secretary and Treasurer.
Following is a brief description of Mr. Agolli’s business experience:
Art Agolli (41), is a graduate of Grand Valley State University in Michigan, where he received his Master’s degree in Management as well as a Bachelor’s degree in International Relations and Business.
From April 2004 to August 2008, Mr. Agolli was a co-founder and Vice President of Bankers Petroleum Ltd. (“Bankers”), a Toronto Stock Exchange (TSX: BNK.TO) and London Stock Exchange (AIM: BNK.L) listed oil and gas company. Bankers is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves in Albania. Bankers operates and has the rights to develop the Patos-Marinza heavy oilfield and has a 100% i
nterest in the Kuςova oilfield.
Mr. Agolli also played a significant role with BNK Petroleum Inc. (TSX: BKX.TO), a Toronto Stock Exchange listed company that was spun off from Bankers Petroleum. Mr. Agolli was instrumental in getting BNK Petroleum Inc. into Poland where the company has secured one of the largest shale gas land positions in the country and in Europe.
Since August 2008 to the present date, Art Agolli has been the President and founder of BA Capital Inc.; a Calgary, Alberta based private equity and merchant bank boutique which services the energy sector. He is also a co-founder, and has provided consulting services to Sonoro Energy since January 2010. Sonoro Energy is a publicly traded (TSX-V: SNV) international oil exploration and development company with offices in Calgary, Alberta and the Netherlands. Sonoro Energy’s current focus is asphalt (heavy oil) resource exploration and development in the Salah ad Din Province of Iraq.
There are no transactions between Mr. Agolli and the Company during the prior fiscal year which would be required to be reported pursuant to Item 404(a) of Regulation S-K.