UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 9TH, 2003
HUBEI PHARMACEUTICAL GROUP, LTD.
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(Exact name of registrant as specified in its charter)
Nevada 0-25553 88-0419476
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State or other jurisdiction (Commission I.R.S. employer
of incorporation or organization File Number) identification number
410 PARK AVENUE, 15TH FLOOR
NEW YORK, NY, USA 10222
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(Address of principal executive offices) Zip Code
Issuer's telephone number (604) 881-2899
Pan Asia Communications Corp.
Suite 1001, 1166 Alberni Street
Vancouver, B.C. Canada
NEW YORK, NY, USA 10222
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(Former name and former address if Zip Code
changed since last filing))
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
1.) Yes [X] No [ ] 2.). Yes [X] No [ ]
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
No events to report.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
No events to report.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
No events to report.
ITEM 4. CHANGES IN REGISTRANTS CERTIFYING ACCOUNTANT
No events to report.
ITEM 5. OTHER EVENTS
APPOINTMENT OF DIRECTOR - Mr. Lixen (Clint) Cheng was appointed as a director on
April 9th, 2003
PRIVATE PLACEMENT - On May 30th, 2003 Hubei Pharmaceutical Group, Ltd. (the
"Company") closed on a private placement of 2,366,324 shares of the Company's
common stock at a price of $0.15 per share with a small group of accredited
investors. In an earlier private placement with a single accredited investor the
Company also closed on May 30th, 2003 a private placement of initially 80,000
shares of the Company's common stock at a price of $0.15 and warrants to
purchase an aggregate of 200,000 shares of common stock, exercisable at $0.20
per share and expiring six months following the closing date. In total, the
Company received approximately US$366,948 less approximately US$16,895.00 in
finder's fees. In connection with the above private placements, the Company will
issue 43,500 units consisting of one share of its common stock and 12,000 units
consisting of once share and 2.5 purchase warrants to purchase an aggregate of
30,000 shares of the Company's common stock. All investors and recipients of
finder's fees were arms length from the Company at the time of the investment.
These shares will be issued in reliance on exemptions from registration under
the Securities Act of 1933, as amended. As a result, all shares of the Company
issued with respect to the private placements are subject to restrictions on
transfer under the applicable provisions of the securities act and carry a
legend reflecting such restrictions.
ITEM 6. RESIGNATION OF REGISTRANTS DIRECTOR
No events to report.
ITEM 7. FINANCIAL STATEMENTS
No events to report.
ITEM 8. CHANGE IN FISCAL YEAR
No events to report.
EXHIBITS:
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1. Minutes of a Meeting of the Board of Directors of the Company held on April
9th, 2003.
2. Minutes of a Meeting of the Board of Directors of the Company held on May
30th, 2003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HUBEI PHARMACEUTICAL GROUP, LTD.
/s/ Reid Li
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Reid Li, President
June 25th, 2003
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DATE