Metalico Inc. (MEA)

[polkamatic]

4/9: Metalico Completes Private Placement
Wednesday April 9, 4:05 pm ET


CRANFORD, NJ--(MARKET WIRE)--Apr 9, 2008 -- Metalico, Inc. (AMEX:MEA - News), a rapidly growing scrap metal recycler and lead fabricator, today announced it has completed its previously announced private placement of its common stock with institutional investors, raising $28,750,000 of gross proceeds. In connection with the private placement, Metalico issued an aggregate of 2,923,077 shares of common stock at a price per share of $9.75 and 1,169,231 warrants to purchase its common stock at an exercise price of $12.65 per share for a term of six years.
The shares of common stock and the warrants issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. Metalico has agreed to file a registration statement with the United States Securities and Exchange Commission covering the shares and the shares underlying the warrants sold in the offering no later than forty-five days after the closing, and to use its best efforts to have the registration statement declared effective as soon as practicable thereafter. Metalico now has approximately 35.4 million shares of common stock outstanding.

Canaccord Adams, Inc. acted as placement agent in connection with the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Metalico, Inc. is a rapidly growing holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. With its recent acquisitions, the Company operates fourteen recycling facilities in New York, Pennsylvania, Ohio, New Jersey, Texas, and Mississippi and five lead fabrication plants in Alabama, Illinois, Nevada, and California. Metalico's common stock is traded on the American Stock Exchange under the symbol MEA.

Forward-looking Statements

This news release also contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the potential acquisitions. Forward-looking statements include statements with respect to Metalico's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Metalico's control, and which may cause Metalico's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Metalico assumes no obligation to update the information contained in this news release.



Contact:
Contact:
Metalico, Inc.
Carlos E. Agüero
Michael J. Drury
Email Contact

186 North Avenue East
Cranford, NJ 07016
[phone]
FAX: [phone]
http://www.metalico.com



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Source: Metalico, Inc.
http://biz.yahoo.com/iw/080409/0385299.html?printer=1