Update re. investment in Igraine plc via CLN
Vela paid first £50,000 drawdown of £500,000 convertible loan facility to investee Igraine plc.
- First drawdown paid to Igraine £50,000
- Total convertible loan facility up to £500,000
- Remaining outstanding £450,000
- Capped obligation for further funding £150,000
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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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.