TIDMVELA
RNS Number : 4155V
Vela Technologies PLC
02 November 2017
2 November 2017
Vela Technologies plc
("Vela")
Update re BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, is
pleased to note the announcement made yesterday by BTL Group Ltd
("BTL") regarding a private placement being undertaken by BTL to
raise gross proceeds of up to C$8.0 million which will be used in
connection with Interbit, BTL's proprietary blockchain
platform.
Vela holds, as at the date of this announcement, 610,900 common
shares in BTL equivalent to approximately 3.3 per cent. of BTL's
current issued share capital. BTL is listed on the TSX Venture
Exchange, on which the closing mid-market price on 1 November 2017
of BTL's common shares was C$5.12 per share which values Vela's
shareholding in BTL at approximately C$3.13 million (equivalent to
GBP1.84 million at today's prevailing exchange rate*). In addition,
Vela holds a total of 66,666 warrants in BTL. 41,666 warrants are
exercisable at a price of C$1.50 for a period expiring on 17
December 2017 and 25,000 warrants are exercisable at a price of
C$3.25 for a period expiring on 6 April 2019.
Extracts from the BTL announcement are copied below:
BTL GROUP LTD. (TSX VENTURE: BTL) ("BTL") announces a proposed
non-brokered private placement of up to 1,632,653 equity units of
BTL ("Equity Units") at a price of CAD$4.90 per Equity Unit for
gross proceeds of up to CAD$8,000,000 (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 12 months from
the date of issuance of the Warrant, at an exercise price of
CAD$7.00 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 final development of Interbit(TM), BTL's
proprietary third generation blockchain platform, and towards
general and administrative expenses.
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(TM) AND INTERBIT(TM)
Listed on the TSX Venture Exchange (TSX VENTURE:BTL) and
operating from both Canada and the UK, BTL is an enterprise
technology platform provider that is developing Interbit, a
proprietary third generation blockchain platform. Via Interbit, BTL
can help companies greatly reduce risks and costs by securely
streamlining existing IT infrastructures. BTL has successfully
demonstrated how Interbit can innovate and transform existing
business processes for leading companies in the finance, energy and
gaming sectors.
Interbit is a fast, private, and scalable inter-connected
blockchain platform. Via its suite of APIs and smart contracts,
Interbit allows businesses around the world to improve efficiency
in trading and operations, accelerate development of internal
systems, and embrace new revenue generating opportunities, while
providing the high levels of security, resilience and auditability
required in regulated enterprise environments.
With offices in Vancouver and Calgary, Canada and London, UK,
BTL is positioning itself as a front-runner in the blockchain
ecosystem, partnering with and enabling enterprises on Interbit in
order to improve their existing IT systems.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed Private Placement and has neither approved
nor disapproved the contents of this press release.
Certain statements in this release are forward-looking
statements, which include completion of the proposed Private
Placement, the anticipated use of the proceeds of the Private
Placement, the development and launch of BTL's technologies and
products, and other matters. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts,
projections and other forward-looking statements will not occur.
These assumptions, risks and uncertainties include, among other
things, the state of the economy in general and capital markets in
particular, the development of competitive technologies, the
marketplace acceptance of BTL's technologies and products, and
other factors, many of which are beyond the control of BTL.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release. Except as required
by law, BTL disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, BTL undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of
the matters discussed above.
*Based on the exchange rate as on 2 November 2017 of C$1:
GB0.588092
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman Tel: +44 (0) 7802 262
Antony Laiker, Director 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0) 20 3328
Perez/Asha Chotai 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0) 20 3651
Rupert Williams/Jeremy 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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