Vela Technologies issues loan notes to raise £400,000

Early-stage technology investor Vela Technologies issued convertible loan notes to certain shareholders to raise £400,000 for working capital and future investments.

The loan notes were only made available to certain shareholders of the AIM-listed company, including one of its directors, Anthony Laiker, and are repayable on 30 September with an 8% yearly interest rate.

The loan notes will be convertible into ordinary shares at 0.15p per share, a 6.25% discount to the closing price of 0.16p per share on 8 September.

Shareholder approval is needed for the issue of the loan notes, and if achieved they will be issued after the next general meeting on 26 September.

The company has received conditional subscriptions for £200,000 worth of loan notes from Laiker and Scott Fletcher, an existing shareholder, each.

The annual board meeting will be held on 3 October.

Shares in Vela Technologies were down 8.51% to 0.160p at 1123 BST.