APAC CoalLtd. said May 3 that it entered a heads of agreement to acquire aChina-based agriculture and food business, the Goyes group of companies.

The exclusive agreement allows APAC to complete negotiationsand enter a binding share purchase agreement before June 30.

The acquisition is expected to be funded by way of a shareissue to the vendors of Goyes, and the board may be reconstituted to include amajority of vendor-appointed directors.