The Subscription Agreement significantly provided that the settlement of the Subscribed shares shall be completed by end of 2012 on a date mutually agreed by the Parties and at a price computed based on a 30-day weighted average market price as traded with the Philippine Stock Exchange (PSE) immediately preceding the agreed settlement date but in no case lower than the par value. Settlement shall be fully disclosed to the PSE and the SEC at the appropriate time.
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Phoenix Petroleum Philippines, Inc. approved Phoenix Petroleum Holdings Inc.'s subscription in its capital stock
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(April 10, 2012) - Pursuant to the recently approved increase in Phoenix Petroleum Philippines Authorized Capital Stock from Php800,000,000.00 to Php2,550,000,000.00, the Board of Directors to date has approved and authorized the subscription by its existing stockholder, Phoenix Petroleum Holdings Inc. (PPHI) of 193,000,000 common shares in the Company's capital stock to the proposed increase of 1,750,000,000 in common shares.
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