14th Oct 2015 11:24
LONDON (Alliance News) - Vela Technologies PLC on Wednesday said that progress has been made as it looks to take a 5% stake in Blockchain Tech Inc in exchange for GBP175,000, one of two London-listed companies with an eye for investing in the emerging technology.
Separately, Kuala Innovations said it has subscribed to acquire 3.64% of Delaware, US-based Factom Inc, a data company working with multi-national companies to integrate blockchain technology for data storage, management and security across industries. Kuala the stake at a cost of USD400,000, giving Factom a pre-money value of about USD11 million.
Meanwhile, Blockchain Tech is looking at how blockchain - a public ledger of all transactions in the Bitcoin digital currency network - can be applied in industries including, including money transmission, insurance, voting and smart contracts.
A definitive deal has been agreed between TSX Venture Exchange-listed Northern Aspect Resources Ltd and Vancouver, Canada-based Blockchain Tech Ltd. Northern Aspect Resources will acquire Blockchain Tech if the deal goes through, before allowing Vela to take its stake.
"NARL and BTL are working towards completing the transaction, which remains subject to a number of conditions including acceptance by the TSX Venture Exchange. The investment by Vela is conditional on the transaction completing. Should the Transaction between NARL and BTL not complete the investment by Vela would not take place," Vela said.
Northern Aspect Resources is seeking to raise CAD1.25 million alongside the deal.
Shares in Vela were up 12% at 0.185 pence on Wednesday, while Kuala shares were down 7.6% at 4.85p.
By Samuel Agini; [email protected]; @samuelagini
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