China Armco Metals Inc. (NYSE:CNAM) announced that they have renewed an expired finance facility for $15 million.
As quoted in the press release:
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.
China Armco’s Chairman and CEO, Kexuan Yao, said:
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.