Share Name Share Symbol Market Type Share ISIN Share Description
Block Commodities Ltd NEX:BLCC NEX Ordinary Share GG00B4QYTJ50
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.007 0.006 0.008 0.007 0.007 0.007 0.00 07:58:47
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Block Commodities Ltd: Fundraising Update

15/11/2019 7:30am

UK Regulatory (RNS & others)


 
 Block Commodities Ltd (BLCC) 
Block Commodities Ltd: Fundraising Update 
15-Nov-2019 / 07:30 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
     The information communicated within this announcement is deemed to 
     constitute inside information as stipulated under the Market Abuse 
 Regulations (EU) No. 596/2014. Upon the publication of this announcement, 
   this inside information is now considered to be in the public domain. 
 
15 November 2019 
 
       BLOCK COMMODITIES LIMITED 
 
       ("Block Commodities" or the "Company") 
 
       Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
       Fundraising Update 
 
   Block Commodities announces that it has raised a total of GBP388,196 before 
   expenses by way of the issue of GBP255,196 convertible loan notes issued as 
 contemplated in its announcement of 27 March 2019 (the "Convertible Notes") 
       and GBP133,000 by way of an equity placing (the "Placing") from new and 
       existing investors (the "Fundraising"). Although marginally less than 
 indicated in the announcement of 27 March 2019, the Fundraising will ensure 
 that the Company has sufficient funds to pursue its entry into the wellness 
               and medicinal cannabis market. 
 
The Placing, which closed on 12 November 2019, was priced to reflect current 
    market conditions at GBP0.0002 per new ordinary share and accordingly, the 
     board has determined that it is in the interests of all stakeholders to 
   adjust the previously announced conversion price of the Convertible Notes 
         from GBP0.0007 to GBP0.0002, to ensure all of the current investors are 
         participating on equal terms. As a result of the passing of all the 
   resolutions at the AGM held on 13 May 2019, the Convertible Notes convert 
               automatically into new shares (the "Conversion"). 
 
 Pursuant to the Conversion and the Placing the Company will therefore issue 
      1,940,980,000 new ordinary shares in the Fundraising (the "Fundraising 
 Shares") at a price of GBP0.0002 per new ordinary share; for each Fundraising 
  Share issued, the Company is also issuing one warrant to subscribe for one 
new ordinary share, with an exercise price of GBP0.0002 and an expiration date 
      of 12 May 2020; should these warrants be exercised, this may lead to a 
               further 1,940,980,000 new shares being issued in due course. 
 
    In addition to the Fundraising Shares, at this time, the Company is also 
               issuing: 
 
  · 205,000,000 new ordinary shares at a price of GBP0.0002 per Fee Share, in 
  settlement of various advisory fees; 
 
  · 29,144,700 new ordinary shares at a price of GBP0.0002 to Chris Cleverly 
  in respect of commission of GBP5,823 on the Fundraising; and 
 
  · 350,000,000 shares to Chris Cleverly, in lieu of salary arrears of 
  GBP70,000 as previously announced on 4 April 2019, 
 
               (together, the "Fee Shares"). 
 
    The 2,525,094,700 new Ordinary Shares will be admitted to trading on NEX 
   Exchange Growth Market under the ticker symbol BLCC on the 19th November. 
 
        Following the issue of the Fundraising Shares and the Fee Shares, in 
            accordance with the Financial Conduct Authority's Disclosure and 
Transparency Rules, the Company will have 7,362,457,850 shares in issue. The 
above figure of 7,362,457,850 may be used by shareholders as the denominator 
   for the calculations by which they will determine if they are required to 
       notify their interest in, or a change to their interest in, the share 
   capital of the Company under the Financial Conduct Authority's Disclosure 
               and Transparency Rules. 
 
               Block Commodities' Strategy 
 
  As stated in the Company's latest Interims Results, released on 29th March 
        2019, the Company's Board has identified an opportunity to enter the 
      fast-growing legal medical cannabis market, leveraging on its existing 
  connections in Africa and its network of professionals and business across 
               Europe. 
 
    Executive Chairman Chris Cleverly commented: "We believe that the use of 
       blockchain technology can add significant value to the production and 
    distribution of cannabis products, securing the quality and tracking the 
               provenance of the products." 
 
  In this regard, and as previously announced, the Company has established a 
  Scientific Advisory Board ("SAB") with experienced professionals to advise 
   the Company's Directors on the development of medical cannabis operations 
               and products development and commercialisation. 
 
       As an equity investor, the Company will act as an operator of medical 
       cannabis production in jurisdictions where this is legally permitted, 
    commencing in Africa where it has already signed a Heads of Agreement to 
             acquire an interest in Greenbelt Company Limited which received 
authorisation from the Sierra Leone Minister of Agriculture and Forestry for 
               medical cannabis production and processing in November 2018. 
 
A notice of General Meeting explaining the entry into the medicinal cannabis 
market will be issued to shareholders once the necessary legal opinions have 
               been obtained. 
 
               About Block Commodities 
 
Block Commodities' strategy is to maximise the value of African agricultural 
 and other commodities through the deployment of blockchain technology, with 
a particular focus on the developing market for medicinal cannabis products. 
            Using blockchain's ability to dynamically incorporate all market 
         participants into an efficient ecosystem, Block Commodities aims to 
facilitate the commercial operation of such ecosystems in the context of the 
 agricultural production cycle. Building on well-established connections and 
 technology expertise, Block aims to become a leading producer and processor 
     of medical cannabis-based products to service the fast-growing cannabis 
               market in Europe. 
 
  The Directors of the Company accept responsibility for the content of this 
               announcement. 
 
For further information, please contact: 
 
Block Commodities Limited 
Chris Cleverly                      info@blockcommodities.com 
 
   NEX Exchange Corporate Adviser: 
Alexander David Securities Limited 
   David Scott - Corporate Finance       +44 (0) 20 7448 9820 
James Dewhurst - Corporate Broking       +44 (0) 20 7448 9820 
 
ISIN:          GG00B4QYTJ50 
Category Code: IOE 
TIDM:          BLCC 
LEI Code:      2138001KNTXRAZTFKU51 
Sequence No.:  29356 
EQS News ID:   913607 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 15, 2019 02:30 ET (07:30 GMT)

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