Vela Technologies PLC Update re BTL Group and Proposed Investment (2650A)
March 23 2017 - 2:01AM
UK Regulatory
TIDMVELA
RNS Number : 2650A
Vela Technologies PLC
23 March 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
23 March 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Update re BTL Group Ltd and Proposed Investment
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, notes
the announcement released on 22 March 2017 by BTL Group Ltd ("BTL")
regarding a proposed fundraising by the company (the "BTL
Fundraise"). Vela currently holds 689,800 common shares in BTL
equivalent to approximately 4.0 per cent. of BTL's issued share
capital.
Pursuant to the BTL Fundraise, BTL will issue one million equity
units ("BTL Units"), each BTL Unit comprising (i) one common share
in BTL ("BTL Common Shares") at C$2.70 per share, and (ii) half a
warrant ("BTL Warrants") to subscribe for further BTL Common
Shares. The BTL Warrants are exercisable at C$3.25 per warrant and
expire after 24 months following the date of issue.
Vela intends to subscribe for 50,000 BTL Units in the BTL
Fundraise for a total consideration of C$135,000 (equivalent to
approx. GBP81,100) (the "Proposed Investment"). The Proposed
Investment would be funded from Vela's existing cash resources. The
Proposed Investment remains subject to, inter alia, Vela and BTL
entering into certain documentation and at this stage there can be
no guarantee that the Proposed Investment will take place.
Further announcements will be made on the Proposed Investment as
appropriate.
The BTL announcement from 22 March 2017 is copied below:
BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL") announces a proposed
non-brokered private placement of up to 1,000,000 equity units of
BTL ("Equity Units") at a price of CAD$2.70 per Equity Unit for
gross proceeds of up to CAD$2,700,000 (the "Private
Placement").
Each Equity Unit will be comprised of one (1) common share of
BTL and one-half of one (1/2) common share purchase warrant of BTL
(a "Warrant"). Each whole Warrant will entitle the holder to
acquire one (1) common share of BTL for a period of 24 months from
the date of issuance of the Warrant, at an exercise price of
CAD$3.25 per share.
The Private Placement is subject to the approval of the TSX
Venture Exchange. The securities issued in connection with the
Private Placement will be subject to a four-month hold period, in
accordance with applicable securities laws.
BTL intends to use the proceeds from the Private Placement in
connection with acceleration of the development of Interbit, BTL's
proprietary blockchain platform and towards general and
administrative expenses.
Guy Halford-Thompson, Co-Founder and Chief Executive Officer of
BTL said, "The past year has seen our blockchain platform,
Interbit, successfully tested and piloted by some of the world's
largest companies in finance and energy. We now need to take what
we've achieved so far to the next level as we get closer to rolling
out a commercial product. This will include expanding our business
development team in the UK and technical team in Calgary. We are
very excited about the future prospects of our Interbit platform
and these new funds will greatly assist us with our expansion
plans."
BTL may pay a commission or finder's fee to eligible parties in
connection with the Private Placement, subject to the approval of
the TSX Venture Exchange and compliance with applicable securities
laws.
ABOUT BTL GROUP LTD.
Operating from both Canada and the UK, BTL offers blockchain
solutions to businesses across multiple industries, in particular
the finance, energy and gaming sectors. BTL has built prototypes
that showcase the capabilities of its Interbit platform, a
proprietary blockchain based interbank payment network and
settlement and asset trading solution.
Interbit is an open, multi-chain, asset settlement platform with
a suite of APIs and smart contracts that allow businesses from
across the world to provide global access to fast, secure, and
auditable financial and asset trading services.
With offices in Vancouver and Calgary, Canada and London, United
Kingdom, BTL is positioning itself as a front-runner in the
blockchain ecosystem, providing advice and knowledge to industry
leaders.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
http://web.tmxmoney.com/article.php?newsid=8070174582110727&qm_symbol=BTL
*Based on the exchange rate as on 22 March 2017 of C$1:
GBGBP0.6006.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0)
Antony Laiker, Director 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0)
Perez/Nick Naylor 20 3328 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0)
Rupert Williams/Jeremy 20 3651 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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