PHI Gold Corporation Completes Name Changes, Declares Special Stock Dividend
02 Febbraio 2011 - 5:00PM
Marketwired
PHI Gold Corporation (PINKSHEETS: PHIG) (FRANKFURT: RPBA), a
majority owned subsidiary of PHI Group, Inc. (OTCBB: PHIE)
(FRANKFURT: PR7) (XETRA: PR7), announced today that the company has
completed the name change process to reflect its sole focus on gold
mining and has declared a special stock dividend to the company's
shareholders.
The company has also changed the name of its wholly owned
subsidiary, Indochina Mining Corp., to Indochina Resources, Inc., a
Nevada corporation, to concentrate on non-gold and other industrial
mineral properties.
As part of the restructuring plan, PHI Gold Corp. has declared a
special dividend of Indochina Resources, Inc. stock to the
company's shareholders of record as of February 28, 2011. Eligible
shareholders of PHI Gold Corp. will be entitled to receive 0.13
share of Indochina Resources, Inc. for each share of PHI Gold Corp.
held as of the record date. Indochina Resources, Inc. will register
the special dividend stock before making the distribution as
free-trading shares.
PHI Gold Corporation will use the recently acquired Maisy Mae
Mining Inc. as a platform for further acquisitions of gold mines in
the Yukon Territory, Canada. It is currently investigating other
gold ore properties in the U.S. and Asia.
PHI Gold Corporation will continue to complete the audits of its
financial statements and file the required reports with the
Securities and Exchange Commission to regain its full reporting
status on the OTCBB and upgrade to a senior exchange in the future
when appropriate.
Henry Fahman, Chairman of PHI Gold Corp., said, "We are pleased
with the progress of PHI Gold's acquisition plan and also intend to
bring substantial assets into Indochina Resources, Inc. to create
greater value for our shareholders."
About PHI Gold Corporation
PHI Gold Corporation is focused on acquiring and developing gold
ore properties. The company has acquired Maisy Mae Mining Inc., a
New Brunswick corporation, with mining operation in the Yukon
Territory, Canada. Web site: www.phigoldcorp.com.
About PHI Group
PHIGroup (OTCBB: PHIE) provides M&A advisory and consulting
services, develops real estate and natural resources and invests in
special situations. PHIGroup, which specializes in raising capital
and helping take companies public, is developing PHILand Ranch
(FRANKFURT: 1P8), one of the largest master planned communities in
Vietnam. This project includes Pointe91, a luxury resort and
premium residential community in Quang Nam province in central
Vietnam (www.PHILandranch.com). PHIGroup is also engaged in mining
activities through its majority-owned subsidiary PHI Gold
Corporation (PINKSHEETS: PHIG). Website: www.phiglobal.com.
Safe Harbor: This news release contains forward-looking
statements that are subject to certain risks and uncertainties that
may cause actual results to differ materially from those projected
on the basis of such forward-looking statements. Such
forward-looking statements are made based upon management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.
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Contact: Henry Fahman 714-843-5455 Email Contact
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