APS to be used as vehicle to acquire mines

ASIA-PACIFIC Strategic Investments (APS), which is turning from a funeral-services provider into an Armenian gold miner through a reverse takeover, will be used as a vehicle to acquire more mines, said one of its future major shareholders, George Richmond.

He told reporters over the phone in a briefing yesterday: "We intend to use the listco for further acquisitions of gold and silver mines in Armenia and expand in other parts of the world."

The firm will also tap the capital markets for future fund-raising exercises, he added.