Business
Investment of £200,000 in THEVIBE Ltd
Investment of £200,000 in THEVIBE Ltd.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 6211T Vela Technologies PLC 16 October 2017 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\")\n \n \n16 October 2017\nVela Technologies plc\n \n(\"Vela\" or the \"Company\")\n \nInvestment of £200,000 in THEVIBE Ltd\n \nThe Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announces that, following the announcement on 4 October 2016 regarding an investment in THEVIBE Ltd (trading as Vibe Tickets) (\"Vibe Tickets\"), the Company has agreed to invest a further £200,000 in Vibe Tickets as part of a follow-on funding round being undertaken. \n \nVibe Tickets has raised c.£750,000 of follow-on funding, comprised of £618,450 of equity funding and the balance being the conversion of a loan note and associated interest (the \"Vibe Fundraise\"). The total funds raised to date by Vibe Tickets, a pre-revenue business, stands at c.£1.7 million. The Vibe Fundraise is being carried out to provide Vibe Tickets with additional working capital to enable Vibe to expand its offering into new verticals, build up its user base and enable Vibe Tickets to add to its headcount.\n \nOn completion of this investment in Vibe Tickets it is anticipated that Vela will have a resultant 5.17% equity interest in the share capital of Vibe Tickets.\n \nIn addition, as part of the Vibe Fundraise, the investors in the current funding round, including Vela, will be issued with warrants to acquire additional new ordinary shares in Vibe Tickets for nominal consideration. The warrants will only be exercisable if and when the next funding round is undertaken by Vibe Tickets and providing this funding round raises in excess of £1,000,000. The exercise price of the warrants will equate to a 25% discount to the value of this next funding round.\n \nBased on the last published accounts for the year ended 31 March 2016, Vibe Tickets generated a net loss of £226,931 and had net liabilities of £158,822 as at 31 March 2016. Vibe Tickets is currently pre-revenue.\n \nBackground on Vibe Tickets\n \nVibe Tickets is an open fan-to-fan ethical ticketing platform that allows fans to exchange tick...