TIDMVELA
RNS Number : 6897V
Vela Technologies PLC
06 November 2017
6 November 2017
Vela Technologies plc
("Vela")
Update re BTL Group Ltd
Further to the announcement on 2 November 2017, the Board of
Vela (AIM: VELA), the investing company focused on early-stage and
pre-IPO disruptive technology investments, is pleased to note the
update announcement made on Friday 3 November 2017 by BTL Group Ltd
("BTL") regarding their fundraising exercise for raising funds in
connection with the development of Interbit, BTL's proprietary
blockchain platform. BTL has announced that due to strong investor
demand, it has increased the size of its recently announced
brokered offering to approximately C$10,701,600. This fundraise is
in addition to the non-brokered private placement announced by BTL
on 1 November 2017 and 2 November 2017 and which is now seeking to
raise C$4,600,000.
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 3 November 2017
of BTL's common shares was C$5.70 per share which values Vela's
shareholding in BTL at approximately C$3.48 million (equivalent to
GBP2.09 million*). 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" or the "Company") is
pleased to announce that, as a result of strong investor demand, it
has increased the size of its recently announced brokered offering
("Offering") led by GMP Securities L.P. ("GMP") by C$4,701,599.
Under the new terms of the amended Offering, GMP has agreed to
raise a total of approximately C$10,701,600 through the offering of
approximately 2,184,000 units of the Company (the "Units") at an
issue price of C$4.90 per Unit. Each Unit is comprised of one
common share of the Company ("Common Share") and one-half of one
Common Share purchase warrant (each whole Common Share purchase
warrant, a "Warrant"), with each Warrant entitling the holder to
purchase one Common Share at an exercise price of C$7.00 per Common
Share for 12 months following the closing of the Offering.
This Offering is in addition to the C$4,600,000 non-brokered
private placement of Units announced by BTL on November 1, 2017 and
November 2, 2017 (the "Non-Brokered Offering").
BTL intends to use the proceeds from this Offering and the
Non-Brokered Offering in connection with final development of
Interbit(TM), BTL's proprietary third generation blockchain
platform, and towards general and administrative expenses.
Closing of the Offering is expected to occur on November 23,
2017, or such other date as GMP and the Company agree.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may not be
offered or sold within the United States unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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
Notice Regarding Forward Looking Statements
Certain statements in this release are forward-looking
statements, which include completion of the Offering and the
anticipated use of proceeds. 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, as well
as those risk factors discussed or referred to in BTL's annual
Management's Discussion and Analysis for the year ended December
31, 2016 available at www.sedar.com, 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.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
*Based on the exchange rate as on 3 November 2017 of C$1:
GB0.5992
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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