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Leed Resources Proposes Reverse Takeover Of Australian Miner (ALLISS)

Mon, 15th Feb 2016 09:19

LONDON (Alliance News) - Shares in investing company Leed Resources PLC were suspended on Monday after it failed to implement its investing policy within 12 months of listing, but the company said it has now entered into a non-binding agreement to buy Battalion International Ltd.

Leed said it has entered a non-binding heads of terms agreement to buy all of Battallion, which is the controlling shareholder of High Mannor Pty Ltd, the Australian miner that Leed invested in back in January 2015.

Leed has invested AUD1.68 million in High Mannor through convertible loan notes.

The deal would constitute a reverse takeover and is subject to shareholder approval, Leed said.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

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