TIDMVELA

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 GBP175,000 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                            Tel: +44 (0) 7802 262 443 
  Antony Laiker, Director 
 Allenby Capital Limited 
  (Nominated Adviser) 
 Nick Athanas/Katrina Perez/James   Tel: +44 (0) 20 3328 5656 
  Reeve 
 
  Vicarage Capital Limited 
  (Broker)                           Tel: +44 (0) 20 3651 2910 
  Rupert Williams/Jeremy Woodgate

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 14, 2015 04:54 ET (08:54 GMT)

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