China Armco Metals reports $10 Million Private Placement

China Armco Metals, Inc. (NYSE Amex: CNAM) reported that the company has entered into a definitive agreement on April 20, 2010, to sell common stock to institutional investors in a private placement for aggregate gross proceeds of approximately $10 million.

The press release is quoted as saying:

China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and has entered the recycling business with the recent launch of operations of a 1-million ton per year shredder and recycler of metals located on 32 acres of land acquired by China Armco.

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