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Vela Technologies plc paid £50,000 to Igraine plc as the first drawdown of an up to £500,000 unsecured convertible loan note facility. This payment followed Igraine's annual general meeting on 29 November 2024 and its exclusive investment rights agreement with GEM Energia Limited. Following this drawdown, £450,000 remains outstanding, with Vela's obligation for further funding capped at £150,000 and the provision of the remaining £300,000 balance at its discretion.
| Date | 13 Dec 2024 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 9308P |
13 December 2024
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in Igraine plc via convertible loan note
Further to the Company's announcement of 21 October 2024 (the "Announcement"), the Board of Vela (AIM:VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, following the passing of all resolutions at the annual general meeting of its investee company, Igraine plc ("Igraine"), held on 29 November 2024 and Igraine entering into its exclusive investments rights agreement with GEM Energia Limited ("GEM Energia"), Vela has paid £50,000 to Igraine as the first drawdown of the up to £500,000 unsecured convertible loan note facility granted to Igraine by Vela (the "Facility").
Following this drawdown, £450,000 remains outstanding pursuant to the Facility on the terms set out in the Announcement. Vela's obligation to provide further funding pursuant to the Facility is capped at £150,000 and the provision of the remaining £300,000 balance is at Vela's discretion.
Vela also notes the announcement made by Igraine earlier today providing an update to its shareholders on the exercise of its investment rights with GEM Energia and a strategic partnership that Igraine has entered into with BES3 Holdings Ltd for its first development site in the North West of England.
For further information, please contact:
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Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director
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Tel: +44 (0) 7950 389469 |
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Allenby Capital Limited (Nominated Adviser) |
Tel: +44 (0) 20 3328 5656 |
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Nick Athanas / Piers Shimwell
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Peterhouse Capital Limited (Broker) |
Tel: +44 (0) 20 7469 0930 |
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Novus Communications (PR and IR Adviser) |
Tel: +44 (0) 20 7448 9839 |
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Alan Green / Jacqueline Briscoe
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About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.