IT is somewhat uncommon for companies that fund reverse takeovers (RTOs) via shares to also subsequently raise cash. But that is exactly what bereavement service provider Asia-Pacific Strategic Investments is doing.

In September last year, the Catalist-listed company said that it was undertaking an RTO deal to buy a firm holding gold-mining exploration rights in Armenia.

AP Strategic provided a bit more clarity on this RTO recently when it revealed that it had entered into a conditional sale-and-purchase agreement with vendor GR Business Holdings, a joint venture held by investment company China Global Energy and Resources (51 per cent) and businessman George Richmond (49 per cent), to buy Coeur Gold Armenia for $500 million. Coeur Gold Armenia holds two Armenian exploration rights to mine for gold, silver, antimony and copper. The licence is valid for 25 years from November 2012.