REG - Vela Technologies - Partial sale of holding in BTL Group Ltd <Origin Href="QuoteRef">VELA.L</Origin>
RNS Number : 1376XVela Technologies PLC21 November 201721 November 2017
Vela Technologies plc
("Vela" or the "Company")
Partial sale of holding in BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, on 20 November 2017, the Company disposed of a total of 10,200 common shares in BTL Group Ltd ("BTL") at a price ofC$7.10 per share generating proceeds of C$72,420 for the Company (equivalent to 42,348.40 at the prevailing exchange rate*) (the "Disposal"). The net proceeds from the Disposal will provide the Company with additional working capital and enable the Company to take advantage of further investment opportunities as and when they arise.
Following the Disposal, the Company holds 600,000 common shares in BTL, equivalent to approximately 3.10 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 20 November 2017 of BTL's common shares was C$7.29 per share which values Vela's shareholding in BTL at approximately C$4.37 million (equivalent to approximately 2.56 million*).
In addition, Vela holds a total of 66,666 warrants in BTL. 41,666 warrants are exercisable at a price of C$1.50 for a period expiring on 17 December 2017 and 25,000 warrants are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.
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 Canary Wharf in London, 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
*Based on the exchange rate as on 20 November 2017 of C$1: GB0.5848
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/Asha Chotai
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 RNSThe company news service from the London Stock ExchangeENDDISFMMZMDMDGNZM
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