New User:

-or-
Username:
Password:
Forgot your password?

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
Sign up for a free trial to see the rest of the stories you've been missing.
September 22, 2014
09:10 EDTAMCOArmco Metals enters into agreement with Chile supplier for woodchips purchase
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use