CALGARY, Alberta, May 30, 2012 /PRNewswire/ -- FEC RESOURCES, INC. (OTCBB: FECOF, Frankfurt/Munich: FE8) ("FEC") wishes to advise shareholders that it has noted the following announcement made by Forum Energy PLC. ("FEP").
"May 28 2012
Exercise of Options
The Board of Forum announces that certain Directors and an employee exercised options over 1,760,000 ordinary shares of 10p each in the Company ("Ordinary Shares") on 25 May 2012, which the Company has now allotted. These shares will rank pari passu with the existing Ordinary Shares.
The options were granted under Forum's 2005 Share Option Plan.
Application has been made for these Ordinary Shares to be admitted to trading on AIM on 31 May 2012.
Following this issuance, the Company will have 35,124,533 ordinary shares of 10p each in issue.
The following options have been exercised by Directors of Forum:
Name |
Number of Ordinary Shares over which options exercised |
Exercise price |
Number of Ordinary Shares held post exercise of options |
% of total enlarged issued Ordinary Share Capital |
Walter Brown |
1,000,000 |
pounds Sterling 0.31 |
1,000,000 |
2.85% |
Andrew Mullins |
500,000 |
pounds Sterling 0.31 |
500,000 |
1.42% |
Barry Stansfield |
200,000 |
pounds Sterling 0.31 |
200,000 |
0.57%" |
The exercise of options in FEP has resulted in FEC's interest in FEP being diluted from 25.63% to 24.34%.
On behalf of the Board of,
FEC Resources, Inc.
Carlo Pablo
Chairman
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any natural resources that may be located, variations in the market price of any natural resource products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce natural resources from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Report on Form 20-F for the year ended December 31, 2011 and its most recent quarterly reports filed with the United States Securities Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials.
For more information please contact (403) 290-1676 e-mail [email protected] or visit the FEC Resources website at www.FECResources.com
SOURCE FEC Resources, Inc.
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