The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, on 8 December 2017, the Company disposed of a total of 11,666 common shares in BTL Group Ltd (“BTL”) at a price of C$12.20 per share generating gross proceeds of C$142,325 for the Company (equivalent to £82,875 at the prevailing exchange rate*) (the “Disposal”). The net proceeds from the Disposal will provide the Company with additional working capital and enable the Company to take advantage of further investment opportunities as and when they arise.
Following the Disposal, the Company holds 600,000 common shares in BTL, equivalent to approximately 2.94 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 4 December 2017 of BTL’s common shares was C$12.38 per share which values Vela’s shareholding in BTL at approximately C$7.43 million (equivalent to approximately £4.33 million*).
In addition, Vela holds a total of 25,000 warrants in BTL which are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.
ABOUT BTL GROUP LTD.
Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy and gaming sectors. BTL has built prototypes that showcase the capabilities of its Interbit platform, a proprietary blockchain based interbank payment network and settlement and asset trading solution.
Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow businesses from across the world to provide global access to fast, secure, and auditable financial and asset trading services.
With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.
*Based on the exchange rate of C$1: GB£0.5823
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned