FEC Receives Extension for Loan Repayment

Rhea-AI Summary

FEC Resources (OTC Pink: FECOF) has successfully negotiated an extension for the repayment of a $678,206 loan, including approximately $72,133 in accrued interest, owed to PXP Energy Initially due on June 30, 2024, the new repayment deadline is now set for September 30, 2024, while all other terms of the loan remain unchanged. This extension provides FEC with additional time to manage its financial obligations.

Positive

• None.

Negative

• The company owes a significant debt of $678,206 in principal plus $72,133 in accrued interest.
• The extension implies that the company may be experiencing cash flow difficulties or liquidity issues.

Vancouver, British Columbia--(Newsfile Corp. - June 28, 2024) - FEC RESOURCES INC. (OTC Pink: FECOF) ("FEC" or the "Company") received a request for a repayment plan from PXP Energy Corporation ("PXP") with respect to the $678,206 principal and approximately $72,133 of accrued interest due to PXP by the Company. The loan is due on June 30, 2024.

The Company is pleased to report that it requested and received an extension of the repayment due date from June 30, 2024 to September 30, 2024 with all other terms of the loan remaining the same.

On behalf of the Board of,

FEC Resources Inc.

Daniel Carlos
Director and Chief Executive Officer

For more information please e-mail info@FECResources.com or visit the FEC Resources website at www.fecresources.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214901

FAQ

What is the new repayment deadline for FEC Resources' loan to PXP Energy?

The new repayment deadline for FEC Resources' loan to PXP Energy is September 30, 2024.

How much is FEC Resources' loan principal and accrued interest owed to PXP Energy?

FEC Resources owes a loan principal of $678,206 and approximately $72,133 in accrued interest to PXP Energy.

Why did FEC Resources request an extension on their loan repayment?

FEC Resources requested an extension on their loan repayment to manage their financial obligations more effectively.

What is the stock symbol for FEC Resources?

The stock symbol for FEC Resources is FECOF.

Were there any changes to the terms of the loan between FEC Resources and PXP Energy?

No, there were no changes to the terms of the loan; only the repayment deadline was extended.