REG - Vela Technologies - Update on proposed Blockchain investment <Origin Href="QuoteRef">VELA.L</Origin>

Vela TechnologiesAnnouncement

14/10/2015 09:50

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 175,000 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
Antony Laiker, Director
Tel: +44 (0) 7802 262 443
Allenby Capital Limited
(Nominated Adviser)

Nick Athanas/Katrina Perez/James Reeve
Vicarage Capital Limited
(Broker)
Rupert Williams/Jeremy Woodgate
Tel: +44 (0) 20 3328 5656
Tel: +44 (0) 20 3651 2910

This information is provided by RNS
The company news service from the London Stock Exchange
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