Business
Proposed Investment and Placing to raise £250,000
Proposed Investment and Placing to raise £250,000.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 0833X Vela Technologies PLC 26 August 2015 \n\n26 August 2015\nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nIntention to invest in Blockchain Tech Limited \nPlacing to raise £250,000\n \nIntroduction\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 conditionally raised £250,000 (before expenses) through the issue of 125,000,000 new ordinary shares of 0.1 pence each in the Company (the \"Placing Shares\") with existing shareholders and new investors at a price of 0.2 pence per Placing Share (the \"Placing\"). \nThe funds raised pursuant to the Placing will provide additional working capital for the Company and give it the flexibility to take advantage of potential investment opportunities in line with the Company's investing strategy.\nSpecifically, it is the intention of the Board to invest approximately £175,000 of the net proceeds of the Placing 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, including money transmission, insurance, voting and smart contracts. BTL's current focus is on developing a remittance solution, Interbit, as well as providing consultancy services to firms looking to leverage blockchain technology. Interbit, based in London, is developing blockchain technology to offer remittances to up to 20 countries at competitive prices against the costs of existing remittance services.\n \nIntention to invest approximately £175,000 in Blockchain Tech Limited\nBTL has signed a binding letter of intent, dated 16 June 2015, with Northern Aspect Resources Ltd (\"NARL\"), a company listed on the TSX Venture Exchange (NEX:NTH.H), in which NARL has agreed, subject to certain conditions, to acquire all of the issued and outstanding share capital of BTL (the \"Transaction\"). Upon completion of the Transaction the continuing business of NARL will be BTL and it is the intention for the company to be re-named Blockchain Tech Inc.. Subject to the certain conditions being met it is anticipated that the Transaction will complete ar...