VELA TECHNOLOGIES PLC — Share Issue/Capital Change 2018

Jul 31, 2018

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RNS Number : 3475W

Vela Technologies PLC

31 July 2018

31 July 2018

Vela Technologies plc

("Vela")

Update re. investment in Argo Blockchain plc

Successful £25m placing and publication of prospectus

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to note the announcement released yesterday evening by Argo Blockchain plc ("Argo") regarding the publication of a prospectus and a successful placing raising gross proceeds of £25.0 million for Argo on a post-money valuation of £47.0 million.

The prospectus relates to admission of Argo's enlarged share capital to the standard listing segment of the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange (the "Admission"). Admission is expected to take place on 3 August 2018.

On Admission Vela will own 2,500,000 shares in Argo representing 0.85 per cent. of Argo's enlarged share capital. At the placing price of 16 pence per share Vela's holding in Argo will be valued at £400,000. Vela originally subscribed for 2,500,000 shares in Argo in February 2018 at a price of 8 pence per share for a consideration of £200,000 as part of a £2.5 million pre-IPO fundraise.

Extracts from yesterday's announcement are set out below.

For further information, please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: +44 (0) 7802 262 443
Allenby Capital Limited (Nominated Adviser) Nick Athanas/Asha Chotai	Tel: +44 (0) 20 3328 5656
Smaller Company Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: +44 (0) 20 3651 2910

Argo Blockchain PLC

("Argo" or the "Company")

Publication of Prospectus & Results of Placing

Argo is pleased to announce today the publication of its Prospectus dated 30 July 2018 and its successful placing of 156,250,000 Ordinary Shares at a price per Ordinary Share of £0.16 raising gross proceeds of £25,000,000.

The Prospectus relates to the admission of the Ordinary Shares to the standard listing segment of the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange.

Availability of the Prospectus

The Prospectus has been approved by the UK Listing Authority and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Copies of the Prospectus are available on the Company's website at www.argoblockchain.com/prospectus, subject to applicable securities law, and free of charge during normal business hours at the registered office of the Company at Room 4, 1st Floor 50 Jermyn Street, London.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Publication of this document	30 July 2018
Announcement confirming results of Placing	30 July 2018
Admission and commencement of unconditional dealings in Ordinary Shares	3 August 2018
Crediting of Ordinary Shares to be held in uncertificated form to CREST accounts	3 August 2018
Despatch of  definitive share certificates for Ordinary Shares in certificated form by no later than	17 August 2018

All references to time are to London time unless otherwise stated.

PLACING STATISTICS

Number of Existing Ordinary Shares	137,500,000
Placing Price	16 pence per Ordinary Share
Number of Placing Shares	156,250,000
Enlarged Share Capital in issue following the issue of the Placing Shares and Admission	293,750,000
Percentage of Enlarged Share Capital represented by Placing Shares	53.2%
Gross proceeds of the Placing	£25,000,000
Proceeds of the Placing receivable by the Company (after deduction of transaction costs)	£22,784,944

Further information on the Company can be found on its website at www.argomining.com

ENDS

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