By Devika Patel
Knoxville, Tenn., April 21 - China Armco Metals, Inc. said it negotiated a $10 million private placement of stock with agent Rodman & Renshaw, LLC.
The company will sell 1,538,464 common shares at $6.50 per share.
Investors also will receive warrants for 1,538,464 shares, which are exercisable at $7.50 for five years.
Proceeds will be used for general working capital.
Based in Cokeville, Wyo., China Armco imports, sells and distributes metal ores and non-ferrous metal and is planning to expand its operations into the scrap metal recycling business.
| Issuer: | China Armco Metals, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 1,538,464
|
| Price: | $6.50
|
| Warrants: | For 1,538,464 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.50
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | April 20
|
| Stock symbol: | Amex: CNAM
|
| Stock price: | $6.95 at close April 20
|
| Market capitalization: | $74.2 million
|
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