Vela Conditionally Raises £ 1.5m For Investment

Vela announced that it has conditionally raised £ 1.5m to facilitate investment by AIM-listed investment firms.

The conditional placement was at 0.09p per share, a premium of about 2.9% of the closing price on February 22nd. Warrants are also part of a transaction with 833,333,340 warrants issued at a price of 0.125p per share that can be exercised for 18 months from entry.

This basically identifies each subscriber in the issuance for which one issuance warrant is issued for every two issued shares.

The net amount raised after deducting expenses will be £ 1,375,000.

Vela proposes to use the funds to invest in new opportunities, as highlighted in today’s announcement.

“We have a strong pipeline of new investment opportunities, and the Board believes that the additional funding raised from the placement will make it available when new opportunities arise.”

Conditional placement requires shareholder approval at the shareholders’ meeting on March 11. If Vela shareholders agree to the placement transaction, the new shares will be issued to AIM from March 15-16.

Vela is currently traded on the AIM under the VELA ticker.

Vela Conditionally Raises £ 1.5m For Investment

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