Vela Technologies (AIM:VELA) announced plans to raise £1.1 million, alongside management and name changes.
Through a placing and subscription, it is selling 44 billion new shares priced at 0.0025p each.
Jim McColl joins the company as executive director, and along with Chris Cooke will be non-executive director, whilst James Normand and Emma Wilson have stepped down.
The company will be renamed Caledonian Holdings PLC, with a new ticker, "CHP", and it will adopt a new investing policy focused on financial services, fintech, wealth management, and specialist lending.