Leed Resources increases investment in Battallion

Mining sector-focused group Leed Resources said it has reached an agreement to invest a further AU$480,000 (£225,000) in Battallion International Limited.

The investment, which will be made through participation in an AU$1.3m increase in the convertible notes issued to Battallion, will bring the London-listed group’s total investment in the Virgin Island-based group to AU$1.8m.

The new notes, which will be issued on identical terms to those issued earlier this year, will result in the total amount of notes outstanding from Battallion rising to AU$4.55m, which will provide its subsidiary, High Manor Property (HM), with further funds to develop its business.

Meanwhile, Leed said the second batch of five moulds and 20 bases for producing wall panels has been delivered to the HM quarry located to the north of Perth, in Western Australia.

The group expects the first panels to be delivered and installed next month and it added HM was currently negotiating a number of other contracts.

Leed Resources shares were down 9.50% to 0.0543p at 1137 BST on Tuesday.