By Devika Patel
Knoxville, Tenn., Dec. 21 - FEC Resources Inc. completed a $5 million private placement of stock.
The company sold 200 million common shares at $0.025 apiece to Philex Mining Corp.
Proceeds will be used to retire the company's outstanding debentures, which have reached maturity, and to provide working capital.
Located in Calgary, Alta., FEC is a natural resource and mineral exploration company.
| Issuer: | FEC Resources Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 200 million
|
| Price: | $0.025
|
| Warrants: | No
|
| Investor: | Philex Mining Corp.
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: FECOF
|
| Stock price: | $0.017 at close Dec. 21
|
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