Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 75

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 18
Chunk 75
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 number of common shares without par value and is authorized to issue an unlimited number of Class A and Class B preferred convertible redeemable voting shares without par value.

Issued:

  Common Shares                                  Number                            Amount  
  Balance December 31, 2022, 2023, and 2024                  861,082,371      $17,620,625  
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No preferred shares have been issued.

b) Nature and Purpose of Equity and Reserves

Contributed Surplus is used to recognize the value of stock option grants prior to exercise.

Deficit is used to record the Company’s change in deficit from income and losses from period to period.

c) Share based payments:

The Company has established a stock option plan whereby options may be granted to its directors, officers, consultants, and employees. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and an option’s maximum term is five years. The options vest immediately. There were no stock options outstanding on December 31, 2024 or December 31, 2023 and none were issued between January 1, 2022 and December 31, 2024.

Note 9 Related Party Transactions and Balances

The Company considers its officers (CEO and CFO) and directors to be key management. Key management are those persons having authority and responsibility for planning, directing, and controlling activities, directly or indirectly, of the Company.

  (ii)      During the year ended December 31, 2024, general and administrative expenses included key management personnel compensation totaling $ 48,000 (2023: $ 48,000; 2022: 48,000).                         
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  (i)       On October 31, 2023 and November 29, 2023, the Company advanced $ 68,000 and $ 136,000, respectively, to FEL representing 6.8% of a $ 3,000,000 financing being undertaken by FEL bringing the to...  
            On December 21, 2023, $ 626,820 of advances made to FEL by the Company were converted to shares in FEL at a price of $ 0.30 per share. The $ 626,820 conversion into FEL