Vela said, following the announcement of the loan note fundraising, it has been approached with regards to new potential investment opportunities.
As a result £200,000 of the funds raised pursuant to the loan note fundraising are being used specifically by Vela to invest in THEVIBE Ltd (trading as Vibe Tickets), a Lancashire-based disruptive ticketing platform.
Vibe Tickets is currently undertaking a about £600,000 equity fundraising through Crowdcube, the crowdfunding platform, (the "Vibe Fundraising").
Vela has agreed to invest £200,000 in the Vibe Fundraising. Vela's investment is binding in nature and the funds are being remitted by Vela to Crowdcube today.
The investment by Vela is being funded from existing cash resources. The Vibe Fundraising is expected to complete during October.