Exercise of warrants and issue of equity

RNS Number : 0992Z

Vela Technologies PLC

16 September 2020

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

16 September 2020

Vela Technologies plc

("Vela" or the "Company")

Exercise of warrants and issue of equity

The Board of Vela (AIM: VELA) announces that it has made an application to the London Stock Exchange for the admission to trading on AIM ("Admission") of 1,434,967,250 new ordinary shares of 0.01p in the Company ("New Ordinary Shares").

The New Ordinary Shares are being issued pursuant to the exercise of warrants to subscribe for new Ordinary Shares at a price of 0.06p per Ordinary Share, generating proceeds of £860,980 for the Company. The proceeds from the warrant exercises will provide additional funding for Vela to identify, evaluate and make investments in accordance with its investing policy.

The warrants were issued as part of the placing of new Ordinary Shares completed in conjunction with, inter alia, the disposal of certain of Vela's assets and share capital reorganisations in August 2020.

The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares and Admission is expected to become effective on 21 September 2020.

Total Voting Rights

From Admission the issued share capital of the Company will consist of 8,606,827,827 Ordinary Shares, with one voting right per share. As the Company does not hold any Ordinary Shares in treasury, the total number of Ordinary Shares and voting rights in the Company will be 8,606,827,827.

From Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Nick Athanas/Asha Chotai
Peterhouse Capital Limited (Joint Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker

About Vela Technologies   

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 5 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities.

 

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