Shares in Leed Petroleum have risen 40% to 0.14p each following the purchase of a 16% stake in the company John McKeon.
Old Church Street, a company related to McKeon, has acquired 400m shares in Leed. McKeon has been involved in a number of resources shells including Pathfinder Minerals.
Leed sold its original oil and gas assets in order to pay down debt and turned itself into a shell. In June, Leed converted £2.435m of loan notes into 2.435bn shares, taking the total shares in issue to just over 2.5bn.
Leed has taken a 17.5% stake in Kyrgyz Republic-based Manas Coal. Leed has advanced £750,000 as a loan. The cash will be used to finance the transfer of a licence for geological exploration of coal at Eastern Kokkia area of Toguz-Toro district, Jalal-Abad region, Kyrgyz Republic. There is an estimated reserve of 114m tonnes of high grade coking coal in the licence area.
Leed is issuing £250,000 of shares at 0.15p each plus warrants to raise the same amount at the same exercise price to shareholders of Manas.
If an offer or flotation deal for Manas is made then Leed has the right to acquire Manas for not less than the highest price offered.
Leed is valued at £3.5m.
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