China Armco Metals Renews Financing Facility With Leading Bank, Securing $15,000,000 Trade Finance Facility
SAN MATEO, Calif., Dec. 18, 2012 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that on November 13, 2012 Armco Metals International Limited, the Company's wholly owned subsidiary, signed a third amendment to the Facility Letter dated March 25 th, 2009 (the "Amendment") with RB International Finance ( Hong Kong) Limited (formerly known as RZB Austria Finance ( Hong Kong) limited) ("RB International") to renew an expired finance facility.
According to the Amendment, RB International will provide up to USD $15,000,000 of uncommitted trade finance facilities to Armco Metals International Limited, with the purpose of financing the Company's purchase of iron ore, chrome ore, manganese ore, nickel ore and any other acceptable products from time to time. RB International is a leading commercial and investment bank with some of the top 1,000 commercial customers in Austria and in Europe, and they serve approximately 14.1 million customers at more than 3,100 business outlets in the corporate and private customer segments and investment banking segment.
"We are able to continue to secure financing for our business and maintain bank facilities with leading banks, which we consider as a demonstration of our good credit and business reputation," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "We also believe that it shows banks' confidence in our business operation. The finance facility is expected to help us expand our operations and develop our brand name. We believe we are well positioned to grow our business when the market improves."
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