Vela Technologies PLC Update re BTL Group Ltd (4155V)

TIDMVELA

RNS Number : 4155V

Vela Technologies PLC

02 November 2017

2 November 2017

Vela Technologies plc

("Vela")

Update re BTL Group Ltd

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to note the announcement made yesterday by BTL Group Ltd ("BTL") regarding a private placement being undertaken by BTL to raise gross proceeds of up to C$8.0 million which will be used in connection with Interbit, BTL's proprietary blockchain platform.

Vela holds, as at the date of this announcement, 610,900 common shares in BTL equivalent to approximately 3.3 per cent. of BTL's current issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 1 November 2017 of BTL's common shares was C$5.12 per share which values Vela's shareholding in BTL at approximately C$3.13 million (equivalent to GBP1.84 million at today's prevailing exchange rate*). In addition, Vela holds a total of 66,666 warrants in BTL. 41,666 warrants are exercisable at a price of C$1.50 for a period expiring on 17 December 2017 and 25,000 warrants are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.

Extracts from the BTL announcement are copied below:

BTL GROUP LTD. (TSX VENTURE: BTL) ("BTL") announces a proposed non-brokered private placement of up to 1,632,653 equity units of BTL ("Equity Units") at a price of CAD$4.90 per Equity Unit for gross proceeds of up to CAD$8,000,000 (the "Private Placement").

Each Equity Unit will be comprised of one (1) common share of BTL and one-half of one (1/2) common share purchase warrant of BTL (a "Warrant"). Each whole Warrant will entitle the holder to acquire one (1) common share of BTL for a period of 12 months from the date of issuance of the Warrant, at an exercise price of CAD$7.00 per share.

The Private Placement is subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.

BTL intends to use the proceeds from the Private Placement in connection with final development of Interbit(TM), BTL's proprietary third generation blockchain platform, and towards general and administrative expenses.

BTL may pay a commission or finder's fee to eligible parties in connection with the Private Placement, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.

ABOUT BTL(TM) AND INTERBIT(TM)

Listed on the TSX Venture Exchange (TSX VENTURE:BTL) and operating from both Canada and the UK, BTL is an enterprise technology platform provider that is developing Interbit, a proprietary third generation blockchain platform. Via Interbit, BTL can help companies greatly reduce risks and costs by securely streamlining existing IT infrastructures. BTL has successfully demonstrated how Interbit can innovate and transform existing business processes for leading companies in the finance, energy and gaming sectors.

Interbit is a fast, private, and scalable inter-connected blockchain platform. Via its suite of APIs and smart contracts, Interbit allows businesses around the world to improve efficiency in trading and operations, accelerate development of internal systems, and embrace new revenue generating opportunities, while providing the high levels of security, resilience and auditability required in regulated enterprise environments.

With offices in Vancouver and Calgary, Canada and London, UK, BTL is positioning itself as a front-runner in the blockchain ecosystem, partnering with and enabling enterprises on Interbit in order to improve their existing IT systems.

Website: www.btl.co

Twitter: https://twitter.com/blockchainltd

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Private Placement and has neither approved nor disapproved the contents of this press release.

Certain statements in this release are forward-looking statements, which include completion of the proposed Private Placement, the anticipated use of the proceeds of the Private Placement, the development and launch of BTL's technologies and products, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL's technologies and products, and other factors, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

*Based on the exchange rate as on 2 November 2017 of C$1: GB0.588092

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, Non-Executive 
    Chairman                           Tel: [phone] 
    Antony Laiker, Director            443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina               Tel: [phone] 
    Perez/Asha Chotai                  5656 
   Smaller Company Capital 
    Limited 
    (Broker)                           Tel: [phone] 
    Rupert Williams/Jeremy             2910 
    Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBTBTTMBMMBBR

(END) Dow Jones Newswires

November 02, 2017 08:05 ET (12:05 GMT)