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Indochina Resources, Inc. Signs Agreement with AXN Group, LLC to Cooperate in Assembling and Operating a Portfolio of Industrial Minerals and Natural Resources
02/3/2011
PHI Group, Inc. announced that its wholly owned subsidiary Indochina Resources, Inc. has signed an agreement with AXN Group, LLC to cooperate in assembling and operating a portfolio of industrial minerals and natural resources in the wider Indochina region including Vietnam, Laos, Cambodia, Myanmar, Thailand and the Malaysian Peninsula. According to the agreement, AXNG and Indochina Resources will jointly organize, arrange, acquire, contribute and operate a portfolio of industrial minerals and other natural resources originated from the wider Indochina region for mutual benefits of both companies. Under the agreement, AXN Group will own 11,200,000 shares, equivalent to 50%, of Indochina Resources stock. In addition, PHI Gold Corporation will distribute 3,000,000 shares of Indochina Resources stock to its shareholders of record as of February 28, 2011.
