Yesterday’s RNS30 May 2018 06:40
RNS Number : 5589P
Vela Technologies PLC
29 May 2018
29 May 2018
Vela Technologies plc
("Vela")
Update re. proposed investment in BlockchainK2 Corp.
Further to the announcements released by Vela on 21 May 2018, 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 Friday 25 May 2018 by African Hydrocarbons Inc. ("African Hydrocarbons") confirming that it has completed its "Change of Business Transaction" ("COB Transaction").
Following completion of the COB Transaction all relevant conditions in respect of Vela's investment in BlockchainK2 Corp. ("BlockchainK2") have been satisfied. As a consequence Vela's investment of £200,589 in BlockchainK2 will complete with effect from 30 May 2018 and become Vela's eleventh portfolio company. Vela will hold a minority stake in BlockchainK2. The investment has been funded from Vela's existing cash resources.
As part of the COB Transaction, African Hydrocarbons has changed its name to BlockchainK2 Corp. The company intends to meet the listing requirements for a "Tier 2" technology issuer on the TSX Venture Exchange and will be a blockchain technology company, with its initial business being cryptocurrency mining. Trading in the common shares of the company is expected to begin on the TSX Venture Exchange under the company's new stock symbol "BITK" on May 30, 2018.
The company is completing the Change of Business by acquiring cryptocurrency mining rigs and other equipment necessary to commence cryptocurrency mining operations. The company is in the process of making an initial order for Bitcoin mining rigs. The remaining cryptocurrency mining rigs will be ordered as soon as possible thereafter, subject to the company sourcing the most up to date equipment and at the most favorable prices.
The company also intends to negotiate and execute the agreements necessary to commence cryptocurrency mining operations, such operations to be hosted and managed at a third-party data center located in Edmonton, Alberta.
The commencement of cryptocurrency mining operations will be the company's first step towards its goal of building a blockchain company, first through the development and ownership of cryptocurrency infrastructure and thereafter through investments in other blockchain businesses or technologies.
Extracts from the Africa Hydrocarbons announcement are copied below:
Africa Hydrocarbons Completes Change of Business Transaction and Changes Name to BlockchainK2 Corp.
VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- BlockchainK2 Corp. (formerly Africa Hydrocarbons Inc.) (TSX.V:BITK) (the "Company") is pleased to announce that it has completed its previously announced "Change of Business" transaction ("COB
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