Vela Technologies PLC - Bingley, England-based company with investments in early-stage disruptive technology businesses - Agrees to invest GBP150,000 into Spinnaker Opportunities PLC - to be re-named Kanabo Group PLC - through the subscription for 2.3 million shares at 6.5 pence each, with the new cash to support Kanabo's operations.
The investment is as part of Spinnaker's placing and subscription to raise GBP6.0 million in conjunction with its reverse takeover acquisition of Kanabo Research Ltd. Admission of the enlarged share capital of Spinnaker to trading on the main market of the London Stock Exchange will take place on February 16, after which Vela will hold 0.6% stake in the newly-listed company.
Vela's current stock price: 0.066 pence
Year-to-date change: down 18%
Spinnaker's current stock price: 4.65 pence, suspended from trading
Year-to-date change: flat
By Ife Taiwo; ifetaiwo@alliancenews.com
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Vela Technologies (VELA)