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Stock Market & Financial Investment News

News Breaks
April 16, 2014
09:19 EDTAMCOArmco Metals agrees to acquire Draco Resources in stock transaction
Armco Metals announced that it entered into a stock purchase agreement to acquire 100% of Draco Resources, a California-based corporation engaged in the exploration, mining, and trading of iron ore and minerals, via a stock exchange valued at approximately $46M at the closing price of Armco Metals as of April 15. The closing of the acquisition is subject to completion of due diligence, approval from shareholders, approval for continued listing by the New York Stock Exchange, and approval by any applicable governmental regulatory agency. Upon successful completion of the acquisition, Draco shareholders will own approximately 72.8% of the total outstanding shares of the combined companies. Draco Resources is engaged in the exploration, mining, and trading of iron ore and other mineral resources. Currently, Draco Resources owns exclusive rights of management, operation, distribution and sale of approximately five million metric tons of iron ore fine in the state of Alabama. Draco Resources commenced its first shipment of 55,000 metric tons on a vessel bound for China in March 2014 and plans to ship out 1 to 3 vessels of that same size to China on a monthly basis or a total of 55,000-165,000 metric tons per month over the course of the next four years or until such time as the total 5M metric ton shipment is completed. Draco Resources expects to generate gross profit of approximately $20-$30 per metric ton based on the current spot price of iron ore, CFR China.
News For AMCO From The Last 14 Days
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July 20, 2015
08:07 EDTAMCOArmco Metals to establish OTO platform for steel scrap business
Armco Metals announced that its Armco Metals Holding, Ltd. subsidiary is establishing an OTO, or Online to Offline, platform for steel scrap business with business partners. The new operations will be conducted through, Shanghai Meng Yi Network Technology, which has been in the process of registration and will serve as the operating entity to establish and operate the ecommerce trading platform for steel scrap products. This is a new strategic development for Armco Metals to expand and enlarge the steel scrap business from traditional trading model to OTO platform model with additional value-added services. The new company is in the process of registration with registered capital of approximately $1.6M and is being organized by four shareholders, including Armco Metals Shanghai, which will be the largest shareholder holding 34.3% ownership of the new company by contributing approximately $0.23M and business know-how. The other three shareholders will own 21.9% interest each by contributing approximately $0.46M. The other shareholders include two Chinese business entities and one Chinese individual. One of shareholders, Shanghai Pianzhou Assets Management, was Armco Metal's customer and the other two shareholders had no previous relationships with Armco Metals. Meng Yi will be operated from and based in Shanghai once registered and Kexuan Yao, Chairman of Armco Metals, will serve as executive director of the new company at no additional compensation. Meng Yi will create an OTO platform connecting decentralized steel scrap suppliers from upstream with downstream steel mills via internet and provide the services for facilitating steel mill's purchase from and payment to suppliers.

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