Huang Yuwei 4
4 · China Direct Industries, Inc. · Filed Jan 20, 2011
Insider Transaction Report
Form 4
Huang Yuwei
DirectorExecutive Vice President
Transactions
- Purchase
Common Stock, $.0001 par value
2011-01-20+769,231→ 1,019,231 total(indirect: Held by Pine Capital Enterprises, Inc.)
Footnotes (1)
- [F1]Acquired as partial consideration for the purchase of an 80% interest in Taiyuan Ruiming Yiwei Magnesium Industry Co., Ltd. by CDI China, Inc., a wholly owned subsidiary of China Direct Industries, Inc. ("CDII") pursuant to an Equity Transfer Agreement (the "Equity Transfer Agreement") CDI China, Inc. entered into with Pine Capital Enterprises, Inc. ("Pine Capital") and Taiyuan Yiwei Magnesium Industry Co., Ltd. ("Yiwei Magnesium"). Shares were issued pursuant to Section 5.4 of the Equity Transfer Agreement upon completion of the conditions in Section 5.3. Pine Capital may receive up to an additional 1,244,344 shares of CDII pursuant to the Equity Transfer Agreement if certain performance targets relating to Ruiming Magnesium's business are achieved. The Equity Transfer Agreement was approved by the Audit Committee of CDII's Board of Directors which committee is made up entirely of independent directors.