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Slide #3. Armco Metals Holdings — Draco Resources, Inc.
Armco Metals Holdings (AMCO)
Draco Resources, Inc.
Armco Metals Holdings, Inc. ("Armco Metals") (NYSE MKT:AMCO), a distributor of imported metal ores and a steel recycler, today announced that it entered into a stock purchase agreement to acquire 100% of Draco Resources, Inc. ("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 $46 million at the closing price of Armco Metals as of April 15, 2014. 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.
Armco Metals Holdings is a holding company. Through its subsidiaries, Co. is engaged in metal ore trading and distribution and scrap metal recycling. Co. imports, sells, and distributes to the metal refinery industry in China, a range of metal ore including iron, chrome, nickel, copper, titanium and manganese ore, as well as non-ferrous metals, and coal. Co. obtains these raw materials from suppliers mainly in Brazil, India, Indonesia, Ukraine and the U.S. and distributes it in China. Co. also provides sourcing and pricing services for various metals to its customers, and recycles scrap metal and sells the recycled product to steel mills in China for use in the production of recycled steel.
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