Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 37

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 5
Chunk 37
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2024 was $41,607 versus $17,049 on December 31, 2023. These differences mainly accounted for the changes in working capital.

Cash used in operating activities for the year ended December 31, 2024 was $156,936 versus $158,162 for the same period in 2023 mainly as a result of the differences described in the results of operations above.

Cash provided by financing activities was $155,286 for the year ended December 31, 2024 versus $356,500 for the year ended December 31, 2023. The difference was due to a lower amount of loans received from PXP in 2024.

Cash used in investing activities was $Nil for the year ended December 31, 2024 versus $204,000 for the year ended December 31, 2023, and 198,620 for the year ended December 31, 2022. In 2023, we advanced an additional $204,000 to FEL as part of a financing undertaken by FEL and in 2022 we advanced $198,620 to FEL for pre-drilling costs.

On March 10, 2022, we announced that we agreed to fund an additional cash call for pre-drilling costs received from FEL in the amount of $198,620, bringing the total to $423,020, which included $224,400 previously advanced. The advance to FEL was via non-interest bearing loans. In order to be able to fund the $198,620, the Company accepted a PXP Loan.

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On October 31, 2023 and November 29, 2023, we advanced $68,000 and $136,000, respectively, to FEL representing 6.8% of a $3,000,000 financing being undertaken by FEL, bringing the total advances by us to $627,020. The funds to participate in the financing were obtained via further PXP Loans.

The PXP Loan bears interest of LIBOR plus 3.5% and both interest and principal are repayable on the earlier of: (a) August 31, 2025, (b) any equity issuance by us, (c) any sale of FEL shares by us, or (d) any third party borrowing by us. We also received an additional $155,286 for working capital from PXP during the year ended December 31, 202