Philex acquires 46% stake in Canadian exploration firm
December 26th, 2007
Filed under: Mineral - Coal, Mineral - Oil & Gas, Operator - Philex
From: Inquirer
By Elizabeth Sanchez-Lacson
PHILEX Mining Corp. is diversifying into new businesses after saying it has spent $5 million to acquire a 46-percent stake in a Canadian company with oil and gas properties.
In a disclosure last Friday, Philex vice president for finance Renato Migrino said Philex Mining bought through a private placement 200 million shares of FEC Resources Inc., a Canadian company which holds a diverse portfolio of oil and gas properties in the Philippines.
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