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APS IN REVERSE TAKEOVER BID FOR GOLD MINING BUSINESS IN ARMENIA
The Straits Times (Singapore)
June 11, 2014 Wednesday
by Rennie Whang
BEREAVEMENT services firm Asia Pacific Strategic Holdings (APS) -
involved in a reverse takeover (RTO) of miner Coeur Gold Armenia -
is confident its mining business will soon take off.
The company said yesterday it believes pilot production at two gold
mines in Armenia in the South Caucasus region will start within three
months of the completion of the RTO.
APS also intends to dispose of its current assets, which consist
mainly of Semenyih Memorial Hills, a memorial park in the Greater
Klang Valley, Malaysia.
"We have a viable platform in Singapore which will allow the project
to grow, and (the vendors) intend to grow it into a big mining
conglomerate," said APS chairman and chief executive officer Choo
Yeow Ming.
The vendor is GR Business Holdings, of which investment holding
company China Global Energy and Resources (CGER) holds 51 per cent
and businessman George Richmond 49 per cent.
As part of the proposed deal, APS will issue 1.35 billion new shares
to GR Business Holdings at 37.1 cents a share, the firm said.
Mr Richmond had previously built two of the largest gold mining
operations in Armenia and Georgia: the Madneuli, Bolvisi and Sakdrisi
Deposit; and the Ararat Zod Deposit.
Coeur Gold Armenia has controlling stakes in Azatek and Sofi Bina Mines
in Armenia, previously assessed by government officials to contain
18 tonnes to 25 tonnes of gold, a figure that was updated in 2008.
A mineral resources estimate, required for the RTO, is being prepared
by the consultancy Wardell Armstrong. The assessment report is expected
to be completed in September.
This is not the first time Coeur Gold Armenia had been an acquisition
target. In June last year, steel trader Albedo said it had entered a
memorandum of understanding to buy the firm, but aborted the purchase
in August.
Mr Vardan Ayvazyan, vice-prime minister of the Republic of Armenia,
said he looked forward to the further development of the mining sector.
There are 28 mines in Armenia, of which 14 are in production.
"We look forward to developing other chains of mining-linked
industries, like refineries and the metallurgical sector," he said.
The Straits Times (Singapore)
June 11, 2014 Wednesday
by Rennie Whang
BEREAVEMENT services firm Asia Pacific Strategic Holdings (APS) -
involved in a reverse takeover (RTO) of miner Coeur Gold Armenia -
is confident its mining business will soon take off.
The company said yesterday it believes pilot production at two gold
mines in Armenia in the South Caucasus region will start within three
months of the completion of the RTO.
APS also intends to dispose of its current assets, which consist
mainly of Semenyih Memorial Hills, a memorial park in the Greater
Klang Valley, Malaysia.
"We have a viable platform in Singapore which will allow the project
to grow, and (the vendors) intend to grow it into a big mining
conglomerate," said APS chairman and chief executive officer Choo
Yeow Ming.
The vendor is GR Business Holdings, of which investment holding
company China Global Energy and Resources (CGER) holds 51 per cent
and businessman George Richmond 49 per cent.
As part of the proposed deal, APS will issue 1.35 billion new shares
to GR Business Holdings at 37.1 cents a share, the firm said.
Mr Richmond had previously built two of the largest gold mining
operations in Armenia and Georgia: the Madneuli, Bolvisi and Sakdrisi
Deposit; and the Ararat Zod Deposit.
Coeur Gold Armenia has controlling stakes in Azatek and Sofi Bina Mines
in Armenia, previously assessed by government officials to contain
18 tonnes to 25 tonnes of gold, a figure that was updated in 2008.
A mineral resources estimate, required for the RTO, is being prepared
by the consultancy Wardell Armstrong. The assessment report is expected
to be completed in September.
This is not the first time Coeur Gold Armenia had been an acquisition
target. In June last year, steel trader Albedo said it had entered a
memorandum of understanding to buy the firm, but aborted the purchase
in August.
Mr Vardan Ayvazyan, vice-prime minister of the Republic of Armenia,
said he looked forward to the further development of the mining sector.
There are 28 mines in Armenia, of which 14 are in production.
"We look forward to developing other chains of mining-linked
industries, like refineries and the metallurgical sector," he said.