Modern Overseas Investment Limited signs a Subscription Agreement with Vulcan Industrial & Mining Corporation
The Modern Overseas Investment Limited, a wholly owned subsidiary of China Trend, had signed a Subscription Agreement in April 21, 2012 with Vulcan Industrial and Mining Corporation to make a private placement of Php450 million in par value Vulcan shares. Another Subscription Agreement was also signed by Mr. William Chan Wai Keung for another private placement of Php450 million under a local corporation Cerberus Corporation. They have ninety (90) days to complete the documentation, approvals and fund the private placements.
Mr. William Chan initially pledged seven (7) billion dollars to help develop the Philippines during the state visit of President Aquino in Beijing China on August 31, 2011. The pledge was made to projects involving mining, economic zone and real estate development. During the state visit of the Philippine President, he witnesed the signing of a contract between Vulcan and China Trend which is owned by Mr. Chan. China Trend completed its due diligence of Vulcan and opted to make a private placement instead of direct investments in its mining projects.
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