Vela disposes of another chunk of BTL Group

Early-stage and pre-IPO disruptive technology investment company Vela Technologies announced on Wednesday that, on 17 April, it disposed of a further 20,000 common shares in BTL Group at an average price of CAD 4.72 generating net proceeds of CAD 92,850.

The AIM-traded firm said that was equivalent to approximately £55,573.98 at the prevailing exchange rate.

Following the disposal, the company has now sold a total of 170,232 BTL common shares between 3 March and 17 April 2017, generating proceeds of approximately CAD 603,324 for the company - equivalent to approximately £362,204 at the prevailing exchange rates.

“To date Vela has invested a total of approximately £296,980 in BTL,” its board confirmed in a statement.

“Following the disposal, and the additional investment as announced by the company on 18 April, Vela holds 663,100 common shares in BTL, equivalent to approximately 3.6% of BTL's issued share capital.”

BTL is listed on the TSX Venture Exchange, on which the closing mid-market price of its common shares on 17 April was CAD 4.80, which valued Vela's shareholding at approximately CAD 3.18m - equivalent to approximately £1.85m at the prevailing exchange rate.

In addition, Vela holds a total of 66,666 warrants in BTL - 41,666 of which are exercisable at a price of CAD 1.50 for a period expiring on 17 December 2017 and 25,000 warrants are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.

For the 9 months ended 30 September 2016, BTL generated revenue of CAD 226,591 and incurred a net loss of CAD 1.3m.

As at 30 September 2016 BTL had net assets of CAD 1.08m.