Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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No bells or whistles. Matter of fact about a very average previous trading year followed by a forward looking positive outlook for 2021.
Under-promising and hopefully over delivering, just how i like it!
"But let us end on a happy note! "
i like that, more companies should put that in official releases.
Money in bank . Just a waiting game now to see where we are going next . Gla
Yes, agree entirely. Appropriately modified interests in view of Covid and the future. Plenty cash.
Usually get a sense of foreboding when results come after hours, but all seems fine to me. Couple of disposals, deals scuppered by Covid. Nothing explosive but no red flags I can see.
Cashed up and with a tiny valuation. Warrants being flipped. Wouldn’t take very much to see this threaten the recent highs.
Super miricals were touted by a few the great new top men would see this quickly rise from the ashes
Wi it
I hold a few but more of the same ... see you at next results in 2021 I guess
Stay positive... the board tell us to keep the faith
But let us end on a happy note!
Following the period end, a number of changes have taken place. As announced in July 2020 and August 2020, the Company disposed of certain of its assets and investments and completed two share capital reorganisations. As part of this transaction, Vela facilitated the conversion of £550,000 bonds into equity, completed a fundraise of £1.0 million via Peterhouse Capital and appointed James Normand as Executive director. As part of the transaction Antony Laiker resigned from the board of Vela. On completion of the transaction the Company retained its interests in five investments (being North Peak Resources, WeShop, BlockchainK2 Corp, Revolve Performance and Disruptive Tech Limited) and had net cash resources of c.£890,000. Subsequent to the completion of the transaction, Vela has received a further c.£860,000 of cash as a result of warrant exercises undertaken by certain of the placees from the aforementioned £1.0 million placing, which has further bolstered the company's balance sheet.
As a result of these changes, the company and its shareholders can look forward to a much brighter future. We continue to implement our investing policy of identifying and making a range of investments within the technology field and remain open to various investment opportunities.
chairman's statement
for the year ended 31 March 2020
During the financial year, Vela was presented with a number of opportunities including a prospective corporate transaction which unfortunately was a victim of the restrictive Covid19 lock down earlier this year.
At the beginning of the financial year the company raised £400,000 with a warrant attached for every 4 placing shares subscribed for by investors. The funds enabled Vela to invest a further £91,341 in to Portr, the baggage handling group in which the company was already a minority shareholder, and to redeem certain outstanding convertible unsecured loan notes.
In May 2019, Argo Blockchain announced a strategic alliance with HIVE Blockchain Technologies Ltd ("HIVE") to create the world's largest purpose-built business-to-business mining service provider aimed at large-scale enterprise with a conditionally agreed share swap arrangement, by which Argo would receive 16,321,281 HIVE common shares, representing 5% of the existing outstanding share capital in exchange for 44,062,500 ordinary shares in Argo, representing 15% of Argo's existing issued share capital.
During February 2020, the company successfully renegotiated the terms of its then outstanding £550,000 bond supported by the security trustee and principal bondholders. Vela was able to extend the repayment date on the bonds by 6 months to August 2020 whilst it continued discussions at that time with a view to effecting a corporate transaction, which would result in a substantial investment or an acquisition to utilise Vela as a reverse takeover vehicle. As noted above this transaction did not proceed due to the impact of COVID-19.
The outlook altered as we entered the new financial year with the Covid-19 tsunami which engulfed several companies. Vela was not immune and our investments in Portr and Vibe bore the brunt of lock down. Portr was severely impacted by the lack of air travel whilst Vibe suffered through the closure of entertainment venues both indoors and out. As outlined below the Company disposed of certain of its investments following the period end, including Portr and Vibe.
Correct me if I am wrong but I do not believe masses was said in it that we did not already know. One thing I will take after skimming it is that --- "SHAREHOLDERS CAN LOOK FORWARD TO A MUCH BRIGHTER FUTURE"
right at the end of the day. Tomorrow going to interesting!
Final Results and Notice of AGM
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