12th Aug 2015 09:51
12 August 2015
LEED RESOURCES PLC
("Leed" or "the Company")
Closing of Battalion Financing
Leed Resources plc, (AIM: LDP), the natural resource investment company, is pleased to announce that the A$1.3 million financing for Battalion International Limited (“Battalion”) described in the announcement dated 28 July 2015, has successfully closed. Following the financing, Leed’s total investment in Battalion is A$1.68 million (approximately £790,000) and through the back to back financing arrangements between Battalion and its subsidiary, High Mannor Pty. Limited (“HM”), the business is now well capitalised as it prepares to deliver the second generation reconstituted limestone wall panels into the Western Australian construction industry.
Commenting on the closing of the financing, Ian Gibbs, Chairman of Leed, said: “With the increased funding, High Mannor is now in a position to complete certain operational improvements which will allow it to maximise the impact from the imminent delivery of wall panels. High Mannor is then expected to deliver a substantial increase in profitability over the next few months as it successfully increases production and deliveries of panels into the market.”
About Battalion
Battalion is the controlling shareholder of High Mannor Pty. Limited (“HM”) which trades under the brand name of “Cultural Limestone”. HM is an integrated limestone quarrying business which extracts limestone from a quarry just north of Perth in Western Australia. The limestone is then crushed and processed into reconstituted limestone blocks which are used in the construction industry. HM is the developer and owner of a patented process which produces reconstituted limestone wall panels that provide substantial cost and efficiency benefits compared to the individual limestone blocks produced by its competitors.
| For further information, please contact: Leed Resources plc | |||
| Ian Gibbs | Tel: +65 6372 3575 | ||
| Charles Zorab | Tel: +44 203 405 4214 | ||
| Nomad and Broker | |||
| SP Angel Corporate Finance LLP | |||
| Ewan Leggat/Katy Birkin | Tel: +44 20 3470 0470 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150812005437/en/
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