Document:

EX-10.1

STOCK PURCHASE AGREEMENT

This Stock Purchase Agreement is dated as of June 15, 2010 (this “Agreement”), between
SafeStitch Medical, Inc., a Delaware corporation (the “Company”), and the purchasers whose
names and addresses are set forth on the signature pages hereto (individually, a “Purchaser” and
collectively, the “Purchasers”).

WHEREAS, the Company desires to sell to each Purchaser, and each Purchaser desires to purchase
from the Company, shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), on the terms and subject to the conditions set forth in this Agreement (the
“Transaction”).

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this
Agreement and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound, the parties agree as follows:

Article 1

Purchase and Sale of Common Stock

1.1 Purchase and Sale of the Shares. Subject to the terms and conditions hereof, the
Company hereby agrees to issue and sell an aggregate of 4,978,000 shares (the “Shares”) to the
Purchasers at a per share purchase price of $1.00 per share (“Per Share Purchase Price”). Each
Purchaser hereby agrees to purchase from the Company the number of shares set forth on such
Purchaser’s signature page hereto (the “Purchaser Shares”), for an aggregate purchase price
equal to the number of shares purchased by such Purchaser multiplied by the Per Share Purchase
Price (the “Purchase Price”).

1.2 Closing; Deliverables. The closing of the issuance and sale of the Shares (the
“Closing”) shall take place at the Company’s offices in Miami, Florida on June 15, 2010, or
as soon as possible thereafter (the “Closing”). At Closing, (A) the Company shall deliver
to each Purchaser a copy of the Company’s instructions to its transfer agent instructing the
transfer agent to deliver one or more stock certificates evidencing the Shares, inclusive of such
restrictive and other legends as set forth in Section 5.1 hereof, and (B) each Purchaser shall pay
to the Company the Purchase Price by wire transfer of immediately available U.S. funds.

Article 2

Additional Agreements

The Company and each Purchaser shall cooperate and use their respective commercially
reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things,
necessary, proper or advisable under this Agreement and applicable laws and regulations to
consummate and make effective the sale of the Shares (the “Sale”) and the other
transactions contemplated by this Agreement as soon as practicable, including preparing and filing
as promptly as practicable all documentation to effect all necessary applications, notices,
petitions, filings and other documents and to obtain as promptly as practicable all permits,
consents, approvals and authorizations necessary or advisable to be obtained from any third party
and/or any governmental entity in order to consummate the sale or any of the other transactions
contemplated by this Agreement.

Article 3

Representations and Warranties of the Company

The Company represents and warrants to the Purchasers as of the date hereof as follows:

3.1 Authorization of Agreements, etc. The execution and delivery by the Company of
this Agreement, the performance by the Company of its obligations hereunder, and the issuance, sale
and delivery of the Shares have been duly authorized by all requisite corporate action and will not
result in any violation of, be in conflict with, or constitute a default under, with or without the
passage of time or the giving of notice: (a) any provision of the Company’s Certificate of
Incorporation, as amended, or Bylaws, as amended; (b) any provision of any judgment, decree or
order to which the Company is a party or by which it is bound; (c) any material contract or
agreement to which the Company is a party or by which it is bound; or (d) any statute, rule or
governmental regulation applicable to the Company, except where such violation, conflict, or
default would not have a material adverse effect on the Company.

3.2 Valid Issuance of Common Stock. The Shares have been duly authorized and, when
issued, sold and delivered in accordance with this Agreement for the consideration expressed herein
will be validly issued, fully paid and nonassessable and will be free and clear of all liens,
charges and encumbrances (collectively, “Encumbrances”) of any nature whatsoever except for
(i) restrictions on transfer under this Agreement and under applicable Federal and state securities
laws and (ii) Encumbrances created by each Purchaser.

3.3 Validity. This Agreement has been duly executed and delivered by the Company and
constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with
its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
and other laws of general application affecting enforcement of creditors’ rights generally, and
(ii) as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

3.4 Brokers and Finders. Neither the Company nor any of its subsidiaries, officers,
directors or employees has employed any broker or finder or incurred any liability for any
brokerage fees, commissions or finders’ fees in connection with the Sale or the other transactions
contemplated by this Agreement.

Article 4

Representations and Warranties of Each Purchaser

Each Purchaser represents and warrants to the Company as of the date hereof as follows:

4.1 Authorization of Agreements, etc. Purchaser has full right, power, authority and capacity
to enter into this Agreement and to consummate the transactions contemplated hereby, and the
execution and delivery by Purchaser of this Agreement and the performance by Purchaser of its
obligations hereunder have been duly authorized by all requisite corporate or other action and will
not result in any violation of, be in conflict with, or constitute a default under, with or without
the passage of time or the giving of notice: (a) any provision of the Purchaser’s organizational
documents as currently in effect (if Purchaser is not a natural person); (b) any provision of any
judgment, decree or order to which Purchaser is a party or by which it is bound; (c) any material
contract or agreement to which Purchaser is a party or by which it is bound; or (d) any statute,
rule or governmental regulation applicable to Purchaser, except where such violation, conflict, or
default would not have a material adverse effect on Purchaser.

4.2 Validity. This Agreement has been duly executed and delivered by Purchaser and
constitutes the legal, valid and binding obligation of Purchaser, enforceable in accordance with
its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
and other laws of general application affecting enforcement of creditors’ rights generally and (ii)
as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

4.3 Investment Representations.

(a) Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and, if
Purchaser is other than a natural person, was not organized for the specific purpose of acquiring
the Purchaser Shares;

(b) Purchaser is knowledgeable, sophisticated and experienced in financial and business
matters and has sufficient knowledge and experience in investing in companies similar to the
Company so as to be able to evaluate the risks and merits of its investment in the Company and it
is able financially to bear the risks thereof;

(c) the Purchaser Shares being purchased by Purchaser hereunder are being acquired for
Purchaser’s own account solely for the purpose of investment and not with a present view to, or for
sale in connection with, any distribution thereof;

(d) Purchaser understands and acknowledges that:

(i) the Shares have not been registered under the Securities Act or any state securities laws
and are being offered and sold in reliance upon specific exemptions from the registration
requirements of the Securities Act and state securities laws, and the Company is relying upon the
truth and accuracy of, and Purchaser’s compliance with, the representations, warranties, covenants,
agreements, acknowledgments and understandings of Purchaser contained in this Agreement in order to
determine the availability of such exemptions and the eligibility of Purchaser to acquire the
Purchaser Shares;

(ii) the Purchaser Shares must be held indefinitely unless a subsequent disposition thereof is
registered under the Securities Act or is exempt from such registration;

(iii) the Purchaser Shares will bear a legend substantially in the form set forth in Section
5.1 herein; and

(iv) the Company will make a notation on its transfer books to such effect;

(e) the Company has made available to Purchaser all documents and information that the
Purchaser has requested relating to an investment in the Shares, and Purchaser has had an
opportunity to discuss this investment with representatives of the Company and ask questions of
them; and

(f) Purchaser has, in connection with its decision to purchase the Purchaser Shares, relied
solely upon the representations and warranties of the Company contained in this Agreement.

4.4 Risk of Loss. Purchaser understands that its investment in the Purchaser Shares involves
a significant degree of risk, including a risk of total loss of Purchaser’s investment, and
Purchaser has full cognizance of and understands all of the risk factors related to its purchase of
the Purchaser Shares, including, but not limited to, those set forth in the Annual, Quarterly and
Current Reports filed by the Company with the Securities and Exchange Commission. Purchaser
understands that no representation is being made as to the future value of the Purchaser Shares.

4.5 Confidentiality. Purchaser understands that this Agreement, the information contained in
all materials provided to Purchaser by the Company and its representatives, including any
information conveyed orally, in connection with the transactions contemplated hereunder
(“Confidential Information”), is strictly confidential and proprietary to the Company and
is being provided to Purchaser solely for Purchaser’s confidential use in connection with the
transactions contemplated hereunder. Purchaser agrees to use the Confidential Information solely
for the purpose of evaluating a possible investment in the Shares, and Purchaser acknowledges that
it is prohibited from distributing, divulging or discussing any Confidential Information, in whole
or in part, with any person, except Purchaser’s financial, investment or legal advisors (such
persons, “Authorized Advisors”), solely to the extent necessary for such Authorized Advisors to
assist Purchaser with its proposed investment in the Shares. To the extent that Purchaser provides,
directly or indirectly, any Confidential Information to any Authorized Advisor, Purchaser shall
ensure that such Authorized Advisor maintain the confidentiality of the Confidential Information to
the same extent applicable to Purchaser as set forth in this Section 4.5. Confidential Information
does not include any information that is or becomes publicly available through no fault of
Purchaser, or that Purchaser is required to disclose pursuant to applicable law, regulation or
legal process; provided, however, that if Purchaser is requested or ordered to disclose any
Confidential Information pursuant to any court or other government order or any other applicable
legal procedure, it shall provide the Company with prompt notice of any such request or order so
that the Company may seek an appropriate protective order.

4.6 Brokers and Finders. The Purchaser has not employed any broker or finder or
incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the
Sale or the other transactions contemplated by this Agreement.

Article 5

Miscellaneous

5.1 Legend. Each certificate that represents Shares shall have conspicuously endorsed
thereon the following legend:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THIS SECURITY MAY NOT BE
OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (A) A
REGISTRATION STATEMENT FOR THE SECURITY UNDER THE SECURITIES ACT IS IN EFFECT OR (B)
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS SATISFACTORY TO THE
COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OR RELEVANT STATE SECURITIES LAWS.

5.2 Brokerage. Each party hereto will indemnify and hold harmless the other against
and in respect of any claim for brokerage or other commissions relative to this Agreement or to the
transactions contemplated hereby, based in any way on agreements, arrangements or understandings
made or claimed to have been made by such party with any third party.

5.3 Assignment; Parties in Interest. All representations, covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to
the benefit of the respective successors and assigns of the parties hereto whether so expressed or
not. Purchasers may not assign this Agreement without the Company’s prior written consent. This
Agreement is made solely for the benefit of and is binding upon each Purchaser and the Company, and
no other person shall acquire or have any right under or by virtue of this Agreement.

5.4 Notices. All notices, requests, consents, demands, and other communications under
this Agreement shall be in writing and shall be deemed to have been duly given on the date of
service if served personally on the party to whom notice is to be given, on the date of transmittal
of services via facsimile to the party to whom notice is to be given (with a confirming copy
delivered within 24 hours thereafter), or on the third day after mailing if mailed to the party to
whom notice is to be given, by first class mail, registered or certified, postage prepaid, or
overnight mail via a nationally recognized courier providing a receipt for delivery and properly
addressed as follows:

	 	 	 
	If to the Company:
	 	SafeStitch Medical, Inc.

4400 Biscayne Blvd.

Miami, FL 33137

Attn: Adam Jackson, Chief Financial Officer

Fax: (305) 575-4130

	With a copy to:
	 	SafeStitch Medical, Inc.

4400 Biscayne Blvd.

Miami, FL 33137

Attn: Joshua Weingard, Chief Legal Officer

Fax: 305-575-6444

	If to the Purchaser:
	 	To the address specified on the signature page hereto.

Any party may change its address for purposes of this paragraph by giving notice of the new address
to each of the other parties in the manner set forth above.

5.5 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Florida for all purposes and in all respects, without regard to the
conflict of law provisions of such state that would cause the laws of another jurisdiction to
apply. The parties hereto acknowledge and agree that venue and jurisdiction for any claim, suit or
controversy related to or arising out of this Agreement shall lie in the state or federal courts
located in Miami-Dade County, Florida. THE PARTIES HEREBY WAIVE THE RIGHT TO JURY TRIAL OF ANY
MATTERS ARISING OUT OF THIS AGREEMENT OR THE CONDUCT OF THE RELATIONSHIP BETWEEN THEM.

5.6 Entire Agreement. This Agreement constitutes the sole and entire agreement of the
parties with respect to the subject matter hereof.

5.7 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Facsimile or other electronically scanned and transmitted signatures shall be deemed
originals for all purposes of this Agreement.

5.8 Amendments and Waivers. This Agreement may be amended or modified, and provisions
hereof may be waived, only with the written consent of the Company and each Purchaser.

5.9 Severability. If any provision of this Agreement shall be declared void or
unenforceable by any judicial or administrative authority, the validity of any other provision and
of the entire Agreement shall not be affected thereby.

5.10 Titles and Subtitles. The titles and subtitles used in this Agreement are for
convenience only and are not to be considered in construing or interpreting any term or provision
of this Agreement.

5.11 Liability Not Affected by Knowledge or Waiver. The right to recovery of losses
or other remedy based upon breach of representations, warranties or covenants will not be affected
by any investigation conducted, or knowledge acquired (or capable of being acquired) at any time,
whether before or after the execution and delivery of this Agreement, with respect to the accuracy
or inaccuracy of or compliance or noncompliance with any such representation, warranty, or
covenant.

[signature pages follow]

1

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their
duly authorized representatives as of the date and year first above written.

SAFESTITCH MEDICAL, INC.

By:       

Name: Jeffrey G. Spragens

Title: President and Chief Executive Officer

Company Signature Page to Securities Purchase Agreement

2

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly

authorized representatives as of the date and year first above written.

	 	 	 
	 	 	PURCHASER(S):

	If a corporation or other entity:
	 	     

(name of corporation or entity)

By:     

Name:

	 	 	Title:

	If an individual:
	 	     

Name:

	 	 	     

(Name of co-purchaser, if any):

	Number of Purchaser Shares:
	 	     

	Contact Information:
	 	Address:

	 	 	     

     

     

     

Telephone:     

Facsimile:     

E-mail:     

	Social Security Number or Tax

Identification Number of the Registered

Holder listed above:
	 	     

Purchaser Signature Page to Securities Purchase Agreement

3exh10-23.htm

 

 

 

Guaranty Cooperation Agreement

(Translation)

Guarantor (Party A): Henan Chaoyang Steels Co., Ltd.

Authorized Representative: Xianjun Ma

Vouchee (Party B): China Armco Metals, Inc.

Authorized Representative: Kexuan Yao

After friendly consultations conducted between Party A and Party B, Party A has agreed to provide guarantee for the bank loans of Armet (Lianyungang) Renewable Resources Co., Ltd., a China-based subsidiary of Party B. The terms are as follows:

	
1.  

	
Object of Guaranty: Armet (Lianyungang) Renewable Resources Co., Ltd.

	
2.  

	
Applicable Banks and Credit Lines:

	
a.  

	
Bank of China Lianyungang Branch’s Project Loan: RMB90 million (which was guaranteed in 2009)

	
b.  

	
Bank of Communications Lianyungang Branch: RMB 50 million (approved)

	
c.  

	
Bank of Jiangsu: RMB 30 million (pending)

	
d.  

	
Bank of China’s additional loan for working capital: RMB 130 million (pending)

	
3.  

	
Terms for Guaranty:

	
a.  

	
Party A agrees to provide unlimited joint guarantee for the credits lines listed in Article 2.

	
b.  

	
The guaranteed amount shall not be more than the total amount of all credit lines in Article 2.

	
c.  

	
Party B provides counter-guarantee to Party A. Once Party A has to assume the debts from bank loans of Party B, Party B shall ensure to pay off all debts and related expenses in a timely manner.

	
d.  

	
Party B has the right to apply to other banks for credit lines at the same or less amounts in Article 2 if the pending applications are not approved. Only with consent from Party A, Party B can file application to other banks for credit line.

	
e.  

	
The term of guaranty for all loans is up to 5 years. During the period of 5 years, Party B has the right to request Party A to renew guaranties for the loans whose terms are less than 5 years.

	
4.  

	
Expenses for Guaranty:

	
a.  

	
Party B agrees to pay Party A 500,000 shares of restricted common stock of China Armco Metals, Inc.

	
b.  

	
The full amount of the shares is due by June 30, 2010.

	
c.  

	
Party B shall issue the shares to Party A no matter the pending applications for credit lines are eventually approved or not.

	
d.  

	
Party A assures not to sell or transfer the received shares within 180 days after the issuance date.

	
5.  

	
The parties shall friendly negotiate to resolve the issues that have not been addressed in this agreement.

Guarantor (Party A): Henan Chaoyang Steels Co., Ltd.

Authorized Representative: Xianjun Ma (corporate seal)

Vouchee (Party B): China Armco Metals, Inc.

Authorized Representative: Kexuan Yao  (corporate seal)

2010-6-11

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