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LONDON (Alliance News) - Vela Technologies PLC on Wednesday said it has conditionally raised money in a placing that will give it the funding required to invest GBP175,000 in the equity of Blockchain Tech Ltd.
Blockchain, a technology company incorporated in the Isle of Man, is headquartered in Vancouver, Canada, and is exploring applications of blockchain technology in a variety of existing industries, including money transmission, insurance, voting and smart contracts.
Vela Technologies said it is raising GBP250,000 before expenses by issuing 125.0 million new shares at 0.2 pence each.
The shares are being issued to new and existing investors.
The funds also will provide working capital.
TSX-listed Northern Aspect Resources Ltd in June signed a deal to acquire Blockchain Tech, after which Northern Aspect intends to change its name to Blockchain Tech Inc
Vela expects to have a 5% stake in Blockchain Tech Inc on completion of the deal, which is expected around the end of September.
Vela said it won't invest in Blockchain if the deal with Northern Aspect Resources doesn't take place.
Vela shares were down 3.7% at 0.202 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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