Business
Placing to raise £400,000 and other matters
Placing to raise £400,000 and other matters.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 8643W Vela Technologies PLC 24 April 2019 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain. \n \n 24 April 2019 \nVela Technologies plc \n(\"Vela\" or \"Vela Technologies\" or the \"Company\") \n \nPlacing to raise £400,000\n \nProposed follow-on investment in Portr Limited \n \nThomas Cook partnership with AirPortr\n \nProposed further investment by Director and substantial shareholder\n \nValuation of Vela's investee companies\n \nProposed conversion and early redemption of Convertible Unsecured Loan Notes \n \nAppointment of Joint Broker\n \n \nIntroduction\n \nThe Board of Vela Technologies announces that it has conditionally raised gross proceeds of £400,000 through a placing (the \"Placing\") of 400,000,000 new ordinary shares in Vela at a placing price of 0.10 pence per share (the \"Placing Shares\"). The Placing is being conducted utilising Vela's existing share authorities and further details on the use of proceeds of the Placing are detailed below.\n \nConditional on shareholder approval at a General Meeting of Vela, investors subscribing in the Placing will also receive 1 warrant for every 4 Placing Shares, exercisable at 0.15 pence per placing warrant, for a period of up to 2 years from issue. \n \nIn conjunction with the Placing, Vela announces that it intends to enter into an agreement to invest a further £91,341 in Portr Limited (\"Portr\"), using proceeds from the Placing. The investment by Vela is part of a funding round being carried out by Portr.\n \nVela will update investors with the full details of the Portr funding round together with a trading update from Portr shortly. \n \nPortr is the owner of Airportr, the airline integrated home bag check-in and delivery service that gives passengers the option to check in online and have their baggage collected from their doorstep. Following a positive ID match and airline security validations which are performed with the customer by a vetted driver utilising AirPortr's proprietary te...