Vela Technologies - Update re. investment in Igraine plc via CLN
13/12/2024 07:00
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RNS Number : 9308P Vela Technologies PLC 13 December 2024
13 December 2024
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in Igraine plc via convertible loan note
Further to the Company's announcement of 21 October 2024 (the "Announcement"),
the Board of Vela (AIM:VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, announces that,
following the passing of all resolutions at the annual general meeting of its
investee company, Igraine plc ("Igraine"), held on 29 November 2024 and
Igraine entering into its exclusive investments rights agreement with GEM
Energia Limited ("GEM Energia"), Vela has paid £50,000 to Igraine as the
first drawdown of the up to £500,000 unsecured convertible loan note facility
granted to Igraine by Vela (the "Facility").
Following this drawdown, £450,000 remains outstanding pursuant to the
Facility on the terms set out in the Announcement. Vela's obligation to
provide further funding pursuant to the Facility is capped at £150,000 and
the provision of the remaining £300,000 balance is at Vela's discretion.
Vela also notes the announcement made by Igraine earlier today providing an
update to its shareholders on the exercise of its investment rights with GEM
Energia and a strategic partnership that Igraine has entered into with BES3
Holdings Ltd for its first development site in the North West of England.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7950 389469
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328 5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469 0930
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448 9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company focused on early
stage and pre-IPO long term disruptive technology investments. Vela's
investee companies have either developed ways of utilising technology or are
developing technology with a view to disrupting the businesses or sector in
which they operate. Vela Technologies will also invest in already-listed
companies where valuations offer additional opportunities.
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