FEC Resources Inc. (FECOF.OB) said Monday that it has received a cash call from Lascogon Mining Corp. in the amount of 100 million Philippine Pesos or about US$2.3 million.
The cash call is being made to address Lascogon's current deficit and to fund the work program and exploration budget for 2012.
FEC owns 40% of Lascogon and currently owes in excess of US$1.0 million for its share of past exploration in addition to the cash call noted above.
FEC said its board currently reviewing the recent information and will make a decision on whether to participate or not and how it will be able to fund its share of the program.
Should FEC decide not to participate or is unable to fund its share then it may face substantial dilution of its interest in Lascogon.
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by RTT Staff Writer
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