29th May 2018 14:15
LONDON (Alliance News) - Vela Technologies PLC on Tuesday said African Hydrocarbons Inc confirmed the name change to BlockchainK2 Corp as it prepares to list on Toronto Stock Exchange.
The investment company said it plans to finalise the GBP200,589 investment in BlockchainK2 on Wednesday. After that, Vela will hold a minority stake in BlockchainK2, which will become Vela's eleventh portfolio company.
Vela said that it funded the investment from existing cash resources.
Under its BlockchainK2 name, African Hydrocarbons will become a blockchain technology company, which will be listed on Toronto Stock Exchange from Wednesday. It will cease its oil & gas explorations in North Africa and will initially mine cryptocurrency.
Currently, BlockchainK2 is in the process of making an initial order for Bitcoin mining rigs to commence operations.
Shares in Vela were trading flat at 0.68 pence each on Tuesday.
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