CALGARY, Alberta, Dec. 21 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of FEC Resources Inc, by Larry W. Youell,
President and CEO:
FEC Resources Inc. (OTC Bulletin Board: FECOF, Frankfurt/Munich: FE8)
("FEC") announces that it has completed a $5 million US private placement
of its common shares with Philex Mining Corporation at US $0.025 per share.
The proceeds will be used to retire the outstanding FEC debentures which
have now reached their maturity date. In addition the financing will also
provide funds for working capital.
FEC Resources Inc. holds a diverse portfolio of oil, gas, coal, gold
and iron assets located in the Philippines through its shareholdings in
Forum Energy Plc and, Lascogon Mining Corporation. For further information
email info@fecresources.com.
On behalf of the Board of,
FEC Resources Inc.
"Larry W. Youell"
Larry W. Youell
President and CEO
This release contains "forward looking statements" as per Section 21E
of the US Securities and Exchange Act of 1934, as amended. Although the
Company believes that the expectations reflected in such forward looking
statements are reasonable, it can give no assurance that such expectations
will prove to have been correct. Management is currently reviewing many
options and there is no assurance that they will not make decisions other
than those now contemplated. The Company is subject to political risks and
operational risks identified in documents filed with the Securities and
Exchange Commission, including changing and depressed oil prices,
unsuccessful drilling results, change of government and political unrest in
its main area of operations
For more information please contact Larry Youell at (403) 290-1676
e-mail info@FECResources.com or visit the FEC Resources website at
http://www.FECResources.com
SOURCE FEC Resources Inc.
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Related links:
http://www.FECResources.com
CONTACT:
Larry Youell, President and CEO of FEC
Resources Inc., +1-403-290-1676, info@FECResources.com
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