Vela Technologies PLC Further re investment in BTL Group Ltd (7472Q)
02 December 2016 - 3:06AM
UK Regulatory
TIDMVELA
RNS Number : 7472Q
Vela Technologies PLC
01 December 2016
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")
1 December 2016
Vela Technologies plc
("Vela", the "Company" or the "Group")
Update re BTL Group Ltd - Q3 Results and BTL Warrant
Exercise
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, notes
the announcement released yesterday by BTL Group Ltd ("BTL") of its
quarterly results for the period ended 30 September 2016. BTL, a
company in which Vela has invested in and which is listed on the
Canadian TSX Venture Exchange, is a technology company based in
Vancouver, Canada, focused on developing blockchain technologies to
disrupt and transform existing industries.
In the announcement released yesterday BTL reports the
generation of the company's first revenues of C$226,591, resulting
from a fintech pilot project, and highlights the progress made in
BTL's other pilot projects in different industries, which it
anticipates to have created the foundations for further revenues in
future quarters.
Furthermore, the Board of Vela notes the successful completion
of BTL's early warrant exercise incentive programme (the "BTL
Incentive Programme"), in which 1,191,164 eligible common share
purchase warrants in BTL ("BTL Warrants") were exercised by
shareholders, raising gross proceeds of C$1,191,164. Pursuant to
the BTL Incentive Programme, Vela has exercised 41,666 BTL Warrants
for an exercise price of C$1.00 per warrant.
Following the exercise of its BTL Warrants, Vela's total
interest in BTL comprises 783,332 common shares, equivalent to
approximately 4.6 per cent. of BTL's issued share capital following
exercise of the BTL Warrants. The BTL Warrants exercised by Vela
were issued to Vela as part of the investment made in BTL in May
2016 and as disclosed in the announcement released by Vela on 6 May
2016.
Links to the BTL announcement and to the BTL Q3 2016 Results as
filed on SEDAR, respectively, are copied below:
http://web.tmxmoney.com/article.php?newsid=4958506431886797&qm_symbol=BTL
http://www.sedar.com/CheckCode.do
Commenting on the updates regarding BTL, Antony Laiker
(Executive Director) said:
"It is great to see BTL producing revenues at this relatively
early stage in the development of the business and we look forward
to seeing how other BTL projects evolve. Vela first invested in BTL
just over a year ago. Since then, BTL has attracted significant
interest from investors, and is now valued at close to GBP600,000
based on BTL's current market price, making BTL Vela's second
largest holding by market value. We wish Guy, Hugh and their team
at BTL all the best for 2017 and look forward to keeping
shareholders updated in due course."
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0)
Antony Laiker, Director 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0)
Perez/Nick Naylor 20 3328 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0)
Rupert Williams/Jeremy 20 3651 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 01, 2016 11:06 ET (16:06 GMT)
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