Business
Proposed Investment
Proposed Investment.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 7621Y Vela Technologies PLC 08 December 2017 \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.\n8 December 2017\nVela Technologies plc\n(\"Vela\" or the \"Company\")\nProposed investment in blockchain technology company\nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that the Company has entered into a conditional agreement to invest £200,589 to acquire a minority equity stake in BlockchainK2 Corp. (\"BlockchainK2\") (the \"Proposed Investment\"). BlockchainK2 is a cryptocurrency and blockchain platform that offers mining exposure and proprietary software as a service (SAAS) blockchain solutions with leading industry partners. The Proposed Investment will be funded from Vela's existing cash resources.\n \nIn November 2017 African Hydrocarbons Inc. (\"AHI\") (NFK.H), a company listed on the NEX board of the TSX Venture Exchange in Canada, announced that AHI would seek to complete a \"change of business\" transaction (the \"COB Transaction\") pursuant to the policies of the TSX Venture Exchange with the result that upon completion AHI would become a blockchain technology company with an initial focus on mining cryptocurrencies and be re-named BlockchainK2 Corp.. The COB Transaction is conditional, inter alia, on AHI raising gross proceeds of not less than C$2,000,000 pursuant to a private placement and Vela's Proposed Investment is part of this private placement. Subject to certain conditions being met, including completion of AHI's private placement and the company meeting the applicable listing requirements of the TSX Venture Exchange as a technology issuer, it is expected that the COB Transaction will complete in early 2018. \n \nUpon completion of the COB Transaction AHI (to be re-named as BlockchainK2) intends to acquire no less than C$1.3 million worth of cryptocurrency mining equipment and employ such technology in a cryptocurrency mining data centre to be located in North America to mine bitcoin and other alternative cryptocurr...