Vela Technologies PLC Update re proposed investment in BlockchainK2 Corp (7273O)
May 21 2018 - 6:17AM
UK Regulatory
TIDMVELA
RNS Number : 7273O
Vela Technologies PLC
21 May 2018
21 May 2018
Vela Technologies plc
("Vela")
Update re. proposed investment in BlockchainK2 Corp.
Further to the announcements released by Vela on 18 January 2018
and 5 April 2018, the Board of Vela (AIM: VELA), the investing
company focused on early-stage and pre-IPO disruptive technology
investments, is pleased to note the update announcement released on
18 May 2018 by African Hydrocarbons Inc. ("African
Hydrocarbons").
African Hydrocarbons has received conditional approval from the
TSX Venture Exchange in relation to its proposed "Change of
Business" transaction ("COB Transaction"). As previously disclosed,
African Hydrocarbons is undertaking the COB Transaction pursuant to
the policies of the TSX Venture Exchange, with the result that
African Hydrocarbons (which will be renamed BlockchainK2 Corp.)
will become a blockchain technology company, listed on the TSX
Venture Exchange, with its initial business being cryptocurrency
mining.
As previously announced, Vela has entered into a conditional
agreement to invest GBP200,589 to acquire a minority equity stake
in BlockchainK2 (the "Proposed Investment"). The Proposed
Investment will be funded from Vela's existing cash resources.
The Proposed Investment remains subject to a number of
conditions being satisfied, including final approval from the TSX
Venture Exchange. African Hydrocarbons is working to fulfil those
conditions for receipt of final approval from the TSX Venture
Exchange and to close the COB Transaction. If the COB transaction
is not completed then the Proposed Investment would not take place
and funds would be returned to Vela. There can be no assurances
that the COB transaction and the Proposed Investment will be
completed.
Further announcements on the Proposed Investment will be made by
Vela at the appropriate time.
Extracts from the Africa Hydrocarbons announcement are copied
below:
Africa Hydrocarbons Receives Conditional Approval for Its
Proposed Change of Business Transaction
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) --
Africa Hydrocarbons Inc. (NFK.H:NEX) (KNPRF:PNK) (KRL1:STU) (the
"Company") is pleased to announced that it has received conditional
approval from the TSX Venture Exchange in relation to the Company's
proposed "Change of Business" transaction ("COB Transaction").
As previously disclosed, the Company is undertaking the COB
Transaction to pursuant to the policies of the TSX Venture Exchange
(the "Exchange"), with the result that the Company (which will be
renamed BlockchainK2 Corp.) will become a blockchain technology
company, listed on the Exchange, with its initial business being
cryptocurrency mining. The Company has reserved the stock symbol
"BITK" in connection with such proposed name change.
The Company is working to fulfill those conditions for receipt
of final approval from the TSXV and to close the COB Transaction.
The Company will continue to issue additional press releases
related to the COB Transaction and other material information as it
becomes available.
ON BEHALF OF THE BOARD OF
AFRICA HYDROCARBONS INC.
Douglas Wu
Director
For further information, please telephone: (604) 283-1722
Completion of the COB Transaction is subject to a number of
conditions, including but not limited to acceptance by the Exchange
and if applicable pursuant to the Exchange requirements, majority
of the minority shareholder approval. Where applicable, the COB
Transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the COB Transaction will
be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the COB Transaction, any information released or
received with respect to the acquisition may not be accurate or
complete and should not be relied upon. Trading in the securities
of the Company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the COB
Transaction and has neither approved nor disapproved the contents
of this news release. Neither the Exchange nor its Regulation
Services Provider (as that term is defined in policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman Tel: +44 (0) 7802
Antony Laiker, Director 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Asha Chotai Tel: +44 (0) 20 3328
5656
Smaller Company Capital Limited
(Broker)
Rupert Williams/Jeremy Woodgate Tel: +44 (0) 20 3651
2910
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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