Update on proposed Blockchain investment

RNS Number : 2229C

Vela Technologies PLC

14 October 2015

 



Vela Technologies plc

("Vela" or the "Company")

Update on Proposed Investment in Blockchain Tech Limited

Vela Technologies plc (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announced on 26 August 2015 a proposed investment of £175,000 to acquire an equity stake in Blockchain Tech Limited ("BTL"), a technology company incorporated in the Isle of Man (the "Proposed Investment"). BTL, headquartered in Vancouver, Canada, is exploring applications of blockchain technology in a variety of existing industries.

Since the announcement was made on 26 August 2015 progress has been made towards completion of both the Transaction (as defined in the announcement of 26 August 2015) and the Proposed Investment. Further to the binding letter of intent, dated 16 June 2015, Northern Aspect Resources Ltd ("NARL"), a company listed on the TSX Venture Exchange (NEX: NTH.H), and BTL have now entered into a definitive agreement in respect of the Transaction. In addition NARL has announced a private placement to raise up to CAD$1.25 million in conjunction with the Transaction.

NARL and BTL are working towards completing the Transaction, which remains subject to a number of conditions including acceptance by the TSX Venture Exchange. The investment by Vela is conditional on the Transaction completing. Should the Transaction between NARL and BTL not complete the investment by Vela would not take place.

The Board of Vela will make further announcements on the Proposed Investment at the appropriate time.

For further information please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser)
Nick Athanas/Katrina Perez/James Reeve Vicarage Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: [phone] Tel: [phone]

 

END

 

 

MSCDMMMGRDLGKZG