Business
Further investment in BTL Group Ltd.
Further investment in BTL Group Ltd..
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 5385X Vela Technologies PLC 06 May 2016 \n\n6 May 2016\nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nFurther investment in BTL Group Ltd.\nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcements released on 25 April 2016 and 5 May 2016 by BTL Group Ltd. (\"BTL\"), a technology company based in Vancouver, Canada, focused on developing blockchain technologies to disrupt and transform existing industries. BTL has announced that it has completed its previously announced non-brokered private placement (the \"BTL Private Placement\") for aggregate gross proceeds of CAD$618,700 (equivalent to approximately GBP£331,589*). BTL intends to use the proceeds from the BTL Private Placement in connection with the acceleration of its blockchain strategy, development of its blockchain technologies and towards general and administrative expenses.\nAs part of the BTL Private Placement, Vela has subscribed for CAD$25,000 of new BTL shares at the price of the BTL Private Placement.\nFollowing the further investment in BTL, Vela holds 741,666 ordinary shares in BTL, equivalent to a 4.7% equity interest in the fully diluted issued share capital of BTL, which is listed on the TSX Venture Exchange.\nExtracts from the BTL announcement of 5 May 2016 are copied below:\nBTL GROUP LTD. (TSX VENTURE:BTL) (\"BTL\" or the \"Corporation\") is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate gross proceeds of $618,700 (the \"Private Placement\"). \nThe Private Placement was comprised of 1,031,164 equity units (the \"Units\") that were issued at a price of $0.60 per Unit. Each Unit consists of one (1) common share of the Corporation and one (1) common share purchase warrant of the Corporation (a \"Warrant\"). Each Warrant entitles the holder to acquire one (1) common share of the Corporation for a period of 12 months from the date of issuance of the Warrant, at an exercise price of $1.00 per share. \nThe securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement. \nThe net proceeds from the Private Placement will be used in connection with acceleration of its blockchain strate...