Vela Technologies PLC Investment in StreamTV Networks Inc. (6692J)
December 06 2018 - 5:07AM
UK Regulatory
TIDMVELA
RNS Number : 6692J
Vela Technologies PLC
06 December 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
6 December 2018
Vela Technologies plc
("Vela" or the "Company")
Investment in StreamTV Networks Inc.
The Board of Vela (AIM: VELA), the investing company focused on
early stage and pre-IPO disruptive technology investments,
announces that it has entered into a subscription agreement to
invest $100,000 into StreamTV Networks Inc. ("StreamTV"), an
existing investee company, as part of a proposed private funding
round of $30 million currently being undertaken by StreamTV (the
"Investment").
StreamTV is the developer and manufacturer of one of the world's
leading glasses-free 3D display technologies. Its 3D display
technology is compatible with all screen sizes and all content,
both pre-existing and newly created. StreamTV offers its technology
as a component to existing brands for inclusion in their
television, monitor, tablet and phone devices. StreamTV will use
the new funding for general corporate purposes, including bringing
StreamTV's technology to mass market.
Vela has today entered into a subscription agreement with
StreamTV whereby it has agreed to invest $100,000 in StreamTV from
the Company's existing cash resources. Vela has subscribed for
66,666 Class A Common Stock in StreamTV at a price of $1.50 per
share. In addition, in recognition of Vela's existing shareholding
in StreamTV, Vela has been issued a total of 333,335 warrants
(equivalent to approximately 5 warrants for each Class A Common
Stock subscribed for) exercisable at a price of $1.50 per Class A
Common Stock, vesting in the event of a liquidity event at StreamTV
and exercisable for five years from the date of issuance. Vela's
investment has completed and is unconditional.
In June 2016 Vela was issued 47,898 Class A Common Stock in
StreamTV, following the early loan conversion of the $100,000
Convertible Promissory Notes in StreamTV plus $43,693.16 of
interest. The conversation price was $3.00 per Class A Common
Stock.
Following the Investment, Vela has now invested a total of
$200,000 in cash in StreamTV in two funding rounds. Following
completion of the Investment, Vela owns 114,564 Class A Common
Shares in StreamTV equivalent to approximately 0.19 per cent. of
the issued share capital of StreamTV and 333,335 warrants.
Antony Laiker, Executive Director of Vela, commented: "Last
week's announcement of the partnership between StreamTV and BOE,
the number one panel manufacturer globally, should be seen as a
landmark transaction for StreamTV and a strong endorsement of its
Ultra-D technology.
This further investment in StreamTV provides investors in Vela
with a shareholding that, following commercialisation and a
liquidity event, will carry a highly geared warrant exposure on top
of the total cash investment of $200,000.
We look forward to updating shareholders further in due
course."
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7802 262
443
Brent Fitzpatrick, Non-Executive Chairman
Antony Laiker, Director
Allenby Capital Limited Tel: +44 (0) 20 3328
(Nominated Adviser) 5656
Nick Athanas/Asha Chotai
Smaller Company Capital Limited Tel: +44 (0) 20 3651
(Broker) 2910
Rupert Williams/Jeremy Woodgate
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contact rns@lseg.com or visit www.rns.com.
END
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