Update re BTL Group and Proposed Investment

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. £81,100) (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: GB£0.6006.

 

 

For further information, please contact:

 

Vela Technologies plc


Brent Fitzpatrick, Non-Executive Chairman

Antony Laiker, Director

 

 

Tel: +44 (0) 7802 262 443

 

Allenby Capital Limited

(Nominated Adviser)

Nick Athanas/Katrina Perez/Nick Naylor

 

 

 

Tel: +44 (0) 20 3328 5656

Smaller Company Capital Limited

(Broker)

Rupert Williams/Jeremy Woodgate

 

 

 

Tel: +44 (0) 20 3651 2910

 


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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