Philex Mining Corporation
OTC Bulletin Board : PXMFF

September 27, 2010 12:01 ET

Philex Mining Corporation Press Release

MANILA, PHILIPPINES--(Marketwire - Sept. 24, 2010) - Effective September 24, 2010, pursuant to a share purchase agreement, Philex Petroleum Corporation ("PPC") acquired an aggregate of 225,000,000 common shares (the "Shares") of FEC Resources Inc. ("FEC") from Philex Mining Corporation (OTCBB:PXMFF) ("PMC"). PPC is a wholly-owned subsidiary of PMC and the transfer of Shares was a part of an internal reorganization of PMC's holdings in oil and gas.

Following the acquisition of the Shares, PPC will be the registered holder of 225,000,000 Shares of FEC, representing 51.2% of the issued and outstanding common shares of FEC. Following the transaction, PMC will retain indirect beneficial ownership of the Shares.

An early warning report pursuant to National Instrument 62-103 in respect of the transaction will be filed via SEDAR and may be accessed online at www.sedar.com or by contacting:

PHILEX MINING CORPORATION
Philex Building
27 Brixton Street
Pasig City
Philippines 1600
 
Attention: Renato N. Migriño, Vice President - Finance
 
Phone: +(632) 746-8755 

Contact Information

  • Philex Mining Corporation
    Renato N. Migrino
    Vice President - Finance
    +(632) 746-8755