REG - Vela Technologies - Partial sale of holding in BTL Group Ltd <Origin Href="QuoteRef">VELA.L</Origin>
RNS Number : 8792XVela Technologies PLC29 November 201729 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 28 November 2017, the Company disposed of a total of 10,000 common shares in BTL Group Ltd ("BTL") at a price of C$8.20 per share generating net proceeds of C$82,000 for the Company (equivalent to 47,759.38 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 621,666 common shares in BTL, equivalent to approximately 2.77 per cent. of BTL's enlarged issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 28 November 2017 of BTL's common shares was C$8.56 per share which values Vela's shareholding in BTL at approximately C$5.32 million (equivalent to approximately 3.10 million*).
In addition, Vela holds a total of 25,000 warrants in BTL which 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 of C$1: GB0.5824
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 ExchangeENDDISDMMZMFLRGNZM
Recent news on Vela Technologies
See all newsREG - Vela Technologies - Total Voting Rights
AnnouncementREG - Vela Technologies - Issue of Equity
AnnouncementREG - Vela Technologies - Holding in Company
AnnouncementREG - Vela Technologies - Quarterly Investment Update
AnnouncementREG - Vela Technologies - Holding(s) in Company
Announcement