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Block Commodities Ltd NEX:BLCC NEX Ordinary Share
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Block Commodities Ltd: Interim Results

29/03/2019 4:21pm

UK Regulatory (RNS & others)


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Block Commodities Ltd (BLCC) 
Block Commodities Ltd: Interim Results 
 
29-March-2019 / 16:19 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
29 March 2019 
 
      Block Commodities Limited ('Block Commodities' or 'the Company') 
 
      Interim Results 
 
            Chairman's Statement 
 
  During the period under review, the Company continued its evolution from a 
junior exploration company with its Lac Dinga potash exploration licence, to 
   a forward-thinking agri-tech company in sub-Saharan Africa, deploying new 
       technologies to maximise value in African agriculture. Leveraging its 
connections in Africa, the Company is developing a platform to empower small 
   scale farmers ("SSF") to raise productivity and secure better returns for 
produce, while establishing African communities as significant future global 
    agricultural players. The platform uses blockchain technology to provide 
    loans of utility tokens to the SSF which are then used to procure inputs 
            from the Company. 
 
            Trading 
 
          During the period the Company prepared to roll out its commodities 
eco-system in a Zambian pilot, as an alternative to the Government's limited 
     e-voucher scheme. An off-taker was secured and a group of local farmers 
engaged to run a pilot over 300ha. However, with the seasonal rains arriving 
  earlier than forecast and delays in procuring inputs, the pilot has had to 
            be postponed. 
 
            Uganda 
 
       Work continues with our off-take partner Pure Grow Africa Limited, to 
      develop a pilot program for the Farmer 3.0 Ecosystem. It was initially 
   envisaged to engage with up to 1,000 farmers, however delays in obtaining 
  the necessary product import licences, mean that the initial pilot will be 
  of a smaller scale using product procured in country. This is now ready to 
         be rolled out, with work expected to commence in the final quarter. 
 
            Lac Dinga 
 
  The Company retains its interest in the exploration side of the fertiliser 
   industry through its 70% interest in La Société des Potasses et des Mines 
        S.A. ('SPM'), which holds the exclusive right to conduct exploration 
 activities for potash salts over the Lac Dinga Project Area ('Lac Dinga' or 
       the 'Project'). The farm out agreement with African Agronomix limited 
        ("AAX") signed in July 2017, states that the licence must be in good 
 standing before AAX can commence work on the Project. The Company continues 
       to await formal approval of its application to extend the term of the 
  licence for the third term permitted under the mining code of the Republic 
            of Congo. 
 
            Financial results 
 
    The results for the period showed an operating loss of $0.5m (HY18: loss 
$0.7m). Finance charges increased to $0.2m (HY18: $0.1m) resulting in a loss 
   before tax of $0.6m (HY18: $0.8m). Cash balances at 31 December 2018 were 
            $1,000, (2017: $206,000). 
 
At 31 December 2018, the Group is reporting Net Liabilities of $427,000. The 
Company is currently in negotiations with the lender of the loan note with a 
 view to the conversion of the loan note into equity. This would both return 
   the Group balance sheet to a net asset position, as well as eliminate the 
            accruing finance costs going forward. 
 
            New commodity opportunity: entry into the cannabis market 
 
    The Board has identified a n opportunity to enter the fast-growing legal 
   medical cannabis market as the operator of medical cannabis production in 
            jurisdictions where this is legally permitted. 
 
     The global legal medicinal cannabis market [1] is expected to reach USD 
146.4 billion by end of 2025, according to Grand View Research, Inc. The CBD 
  market has huge potential and now with growing awareness of its beneficial 
  nature, has rapidly increasing usage. The European medical cannabis market 
 alone is expected to be worth 55 billion euros a year by 2028, according to 
London-based cannabis industry market intelligence firm Prohibition Partners 
    [2]. It reckons the total legal market in Europe, including CBD, will be 
            worth 123 billion euros by then. 
 
          Entering the cannabis market represents a strategic move for Block 
    Commodities. Leveraging on its existing connections in Africa, the Board 
 believes that the use of blockchain technology can add significant value to 
            the production and distribution of cannabis products. 
 
     Over the last six months, the Company has worked to develop a number of 
   opportunities to access the development of medicinal cannabis in low-cost 
            jurisdictions. 
 
        To date, Block Commodities has signed an option with shareholders of 
       Greenbelt Company Limited to acquire a 100% interest ("Sale Shares"). 
 Greenbelt was granted a licence by the Sierra Leone Minister of Agriculture 
     and Forestry for medical cannabis production and processing in November 
    2018. Block Commodities plans to fast-track and streamline operations in 
            Sierra Leone as soon as the acquisition is finalised. 
 
            Financing 
 
  As announced on 27 March 2019 the company has raised a minimum of GBP400,000 
        to enable it to acquire an option to acquire an exclusive licence to 
      produce, process and market medicinal cannabis and for general working 
            capital purposes. 
 
Scientific Advisory Board and collaboration agreement with Hexis Lab Limited 
 
     To help deliver our strategy to enter the medicinal cannabis market, we 
announced earlier today a collaboration agreement with Hexis Lab Limited and 
  the formation of a Scientific Advisory board (SAB). We welcome Dr. Olusola 
    Idowu the CEO of Hexis Lab and Ian C. Tordoff, an advisor and strategist 
            specialised in health sector innovation to the SAB. 
 
  The Board believe that the Company now has a firm foundation upon which to 
     build a growing revenue generating business built around our blockchain 
  platform and look forward to reporting continued progress in the remainder 
            of the current year 
 
            Chris Cleverly 
 
            Executive Chairman 
 
            29 March 2019 
 
            UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 
 
            FOR THE SIX MONTHSED 31 DECEMBER 2018 
 
            Unaudited Consolidated Income Statement 
 
            For the half year to 31 December 2018 
 
                             Unaudited    Unaudited      Audited 
 
                           6 months to  6 months to   Year ended 
 
                           31 December  31 December      30 June 
 
                                  2018         2017         2018 
                   Note          $'000        $'000        $'000 
 
   Other trading                     -            -         (12) 
 income / (loss) 
       Operating                 (453)        (263)        (948) 
        expenses 
  Impairment of: 
 
   - exploration                     -        (271)            - 
          assets 
 
                                  (50)            -        (100) 
       - loan to 
unquoted company 
 
                                     -            -         (86) 
 
  - fixed assets 
 
                                     -        (101)            - 
 
 - investment in 
       associate 
     Other gains                    97         (44)         (20) 
       /(losses) 
  Operating loss                 (406)        (679)      (1,166) 
     Net finance                 (158)        (103)        (357) 
         expense 
     Loss before                 (564)        (782)      (1,523) 
        taxation 
      Income tax                     -            -            - 
         expense 
    Loss for the                 (564)        (782)      (1,523) 
          period 
 attributable to 
   owners of the 
  parent company 
 
Loss per share:     5     (0.01 cents) (0.04 cents) (0.05 cents) 
basic and 
diluted 
 
All results relate to continuing activities 
 
            Unaudited Consolidated Comprehensive Income Statement 
 
            For the half year to 31 December 2018 
 
                                Unaudited   Unaudited    Audited 
 
                              6 months to 6 months to Year ended 
 
                              31 December 31 December    30 June 
 
                                     2018        2017       2018 
                                    $'000       $'000      $'000 
        Loss for the period         (564)       (782)    (1,523) 
 Other comprehensive income 
       Exchange translation          (12)          89          4 
     differences on foreign 
                 operations 
 Total comprehensive income         (576)       (693)    (1,519) 
for the period attributable 
    to owners of the parent 
                    company 
 
Unaudited Consolidated Statement of Financial Position 
 
As at 31 December 2018 
 
                                    Unaudited Unaudited  Audited 
 
                                           31        31  30 June 
                                     December  December 
 
                                                            2018 
                                         2018      2017 
                        Note            $'000     $'000    $'000 
 
      Non-current 
           assets 
Intangible assets: exploration          3,000     3,000    3,000 
activities 6 
Property plant and equipment                3        82        6 
Total non-current                       3,003     3,082    3,006 
           assets 
 
   Current assets 
        Inventory                           -        68       10 
  Trade and other                           1       109       92 
      receivables 
    Cash and cash                           1       206      153 
      equivalents 
    Total current                           2       383      255 
           assets 
 
     Total assets                       3,005     3,465    3,261 
 
          Current 
      liabilities 
  Trade and other                     (1,797)   (1,613)  (1,719) 
         payables 
        Loan note         7           (1,635)   (1,412)  (1,423) 
              Net                       (427)       440      119 
(liabilities)/ass 
              ets 
 
           Equity 
   Issued capital         8            19,345    19,192   19,314 
      Share based                       2,882     2,633    2,882 
  payment reserve 
Foreign exchange translation            (586)     (488)    (573) 
reserve 
Retained earnings                    (22,068)  (20,897) (21,504) 
Total equity                            (427)       440      119 
attributable to 
equity holders 
 
            Statement of Changes in Equity 
 
                              Share    Foreign 
                              based   exchange 
                            payment translatio 
                            reserve  n reserve 
                   Ordinary   $'000      $'000 
                      share 
                    capital 
 
                                                  Retained 
                                                  earnings 
                      $'000 
 
                                                           Total 
                                                     $'000 
 
                                                           $'000 
Balance at 1         18,551   2,633      (577)    (20,115)   492 
July 2017 
Loss for the              -       -          -       (782) (782) 
period 
Other 
comprehensive 
income 
Exchange                  -       -         89           -    89 
translation 
differences on 
foreign 
operations 
Total                     -       -         89       (782) (693) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of shares         641       -          -           -   641 
Total                   641       -          -           -   641 
transactions 
with owners 
Balance at 31        19,192   2,633      (488)    (20,897)   440 
December 2017 
Loss for the              -       -          -       (741) (741) 
period 
Other 
comprehensive 
income 
Exchange                  -       -       (85)           -  (85) 
translation 
differences on 
foreign 
operations 
Total                     -       -       (85)       (741) (826) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of shares         122       -          -           -   122 
Issue of                  -     383          -           -   383 
options and 
warrants 
Lapse /                   -   (134)          -         134     - 
exercise of 
share-based 
payments 
Total                   122     249          -         134   505 
transactions 
with owners 
Balance at 1         19,314   2,882      (573)    (21,504)   119 
July 2018 
Loss for the              -       -          -       (564) (564) 
period 
Other 
comprehensive 
income 
Exchange                  -       -       (13)           -  (13) 
translation 
differences on 
foreign 
operations 
Total                     -       -       (13)       (564) (577) 
comprehensive 
income for the 
period 
Transactions 
with owners 
Issue of shares          31       -          -           -    31 
Total                    31       -          -           -    31 
transactions 
with owners 
Balance at 31        19,345   2,882      (586)    (22,068) (427) 
December 2018 
 
            Unaudited Consolidated Statement of Cash Flows 
 
For the half year to 31 December   Unaudited  Unaudited  Audited 
2018 
 
                                    6 months   6 months     year 
                                          to         to    ended 
 
                                          31         31  30 June 
                                    December   December 
 
                                                            2018 
                                        2018       2017 
Operating                              $'000      $'000    $'000 
activities 
Loss before tax                        (564)      (782)  (1,523) 
Adjustments for: 
Impairment of evaluation and               -        271        - 
exploration assets 
Impairment of investment in                -        101        - 
associate 
Impairment of property plant and           -          -       86 
equipment 
Impairment of loan to unquoted            50          -      100 
company 
Profit on disposal of investment           -          -     (24) 
Share based payment change                 -          7      334 
Depreciation                               3          5        7 
Movements in exchange                  (106)         48       65 
Net interest                             158        103      357 
expense 
Operating cash flow before             (460)      (247)    (598) 
movements in working capital 
Working capital adjustments: 
- Decrease / (increase) in                10       (68)     (10) 
inventory 
- Decrease / (increase) in                26        (9)        - 
receivables 
- Increase / (decrease) in               226       (41)      159 
payables 
Cash used in                           (198)      (365)    (449) 
operations 
Net interest paid                          -        (1)     (42) 
Net cash outflow from operating        (198)      (366)    (491) 
activities 
 
Investing 
activities 
Loan to unquoted company                (50)               (100) 
Net cash flow from investing            (50)          -    (100) 
activities 
 
Financing activities 
Issue of shares                           96        561      733 
Net cash flow from financing              96        561      733 
activities 
Net (decrease) / increase in           (152)        195      142 
cash and cash equivalents 
Cash and cash equivalents at             153         11       11 
start of the period 
Effect of foreign exchange rates           -          -        - 
Cash and cash equivalents at end           1        206      153 
of the period 
 
            Notes to the Unaudited Interim Financial Statements 
 
1. General information 
 
  During the period under review, the Company continued its evolution from a 
junior exploration company with its Lac Dinga potash exploration licence, to 
   a forward-thinking agri-tech company in sub-Saharan Africa, deploying new 
       technologies to maximise value in African agriculture. Leveraging its 
connections in Africa, the Company is developing a platform to empower small 
   scale farmers ("SSF") to raise productivity and secure better returns for 
produce, while establishing African communities as significant future global 
    agricultural players. The platform uses blockchain technology to provide 
    loans of utility tokens to the SSF which are then used to procure inputs 
         from the Company. The Company was also preparing its entry into the 
            medicinal cannabis market as announced on 27 March 2019. 
 
 Block Commodities is a public limited company incorporated and domiciled in 
    the Guernsey. The address of its registered office is Richmond House, St 
            Julian's Avenue, St Peter Port, Guernsey GY1 1GZ. 
 
       The Company is admitted to trading on the NEX Exchange Growth market. 
 
The unaudited interim financial statements for the 6 months ended 31 
December 2018 were approved for issue by the board on 29 March 2019. 
 
The interim financial statements for the 6 months ended 31 December 2018 and 
the 6 months ended 31 December 2017 are unaudited and do not constitute full 
       accounts. The comparative figures for the year ended 30 June 2018 are 
   extracts from the annual report and do not constitute statutory accounts. 
 
 The unaudited interim financial statements have been prepared in US Dollars 
    as this is the currency of the primary economic environment in which the 
            Group operates. 
 
2. Basis of preparation 
 
    The condensed consolidated financial statements of the Group for the six 
        months ended 31 December 2018, which are unaudited and have not been 
reviewed by the Company's auditor, have been prepared in accordance with the 
     International Financial Reporting Standards ('IFRS'), as adopted by the 
 European Union, accounting policies adopted by the Group and set out in the 
            annual report for the year ended 30 June 2018 (available at 
 www.blockcommodities.com [3]). The Group does not anticipate any additional 
  significant change in these accounting policies for the year ended 30 June 
   2019. References to 'IFRS' hereafter should be construed as references to 
            IFRSs as adopted by the EU. 
 
   While the financial figures included in this report have been computed in 
   accordance with IFRSs applicable to interim periods, this report does not 
 contain sufficient information to constitute an interim financial report as 
            that term is defined in IFRSs. 
 
 The financial information contained in this report also does not constitute 
     statutory accounts under the Companies (Guernsey) Law 2008, as amended. 
 
3. Significant accounting policies 
 
            Basis of accounting 
 
        The unaudited interim financial statements have been prepared on the 
     historical cost basis except for financial instruments measured at fair 
  value. The principal accounting policies adopted are consistent with those 
            of the financial statements for the year ended 30 June 2018. 
 
4. Segment reporting 
 
The directors consider that the Group's activities comprise the segments of 
fertiliser trading and potash exploration and other unallocated expenditure 
in one Geographical segment, Africa. 
 
Revenue represents sales to external customers. Unallocated expenditure 
relates to central costs and any items of expenditure that cannot be 
directly attributed to an individual segment. 
 
6 months ending      Trading Exploration Unallocated Total 
 
31 December 2018 
                       $'000       $'000       $'000 $'000 
 
Revenue                    -           -           -     - 
Segment results 
- Operating loss       (105)           -       (251) (356) 
- Impairment               -           -        (50)  (50) 
- Interest expense         -           -       (158) (158) 
Loss before tax        (105)           -       (459) (564) 
 
Income tax                 -           -           -     - 
Loss after tax         (105)           -       (459) (564) 
 
6 months ending      Trading Exploration Unallocated Total 
 
31 December 2017 
                       $'000       $'000       $'000 $'000 
 
Revenue                    -           -           -     - 
Segment results 
- Operating loss       (122)           -       (185) (307) 
- Impairment           (101)       (271)           - (372) 
- Interest expense         -           -       (103) (103) 
Loss before tax        (223)       (271)       (288) (782) 
 
Income tax                 -           -           -     - 
Loss after tax         (223)       (271)       (288) (782) 
 
Year ending 30 June      Trading Exploration Unallocated  Total 
2018 
                           $'000       $'000       $'000  $'000 
 
Revenue                        -           -           -      - 
Segment results 
- Operating loss           (402)        (14)       (563)  (979) 
- Impairment                   -        (87)       (100)  (187) 
- Interest expense             -           -       (357)  (357) 
Loss before tax            (402)       (101)     (1,020) (1523) 
 
Income tax                     -           -           -      - 
Loss after tax             (402)       (101)     (1,020) (1,523 
                                                              ) 
 
Year ending 30 June      Trading Exploration Unallocated Total 
2017 
                         $'000   $'000       $'000       $'000 
 
Revenue                        -           -           -       - 
Segment results 
- Operating loss           (806)           -       (438) (1,244) 
- Share of loss of          (24)           -           -    (24) 
associate 
- Impairment                   -       (719)           -   (719) 
- Interest expense             -           -       (286)   (286) 
Loss before tax            (830)       (719)       (724) (2,273) 
 
Income tax                     -           -           -       - 
Loss after tax             (830)       (719)       (724) (2,273) 
 
  Segment assets consist primarily of intangible assets, property, plant and 
         equipment, other receivables and cash and cash equivalents. Segment 
            liabilities comprise operating liabilities. 
 
 Capital expenditure comprises of additions to property, plant and equipment 
            and intangibles. 
 
          The segment assets and liabilities at 31 December 2018 and capital 
            expenditure for the year then ended are as follows: 
 
                      Trading Exploration Unallocated   Total 
                        $'000       $'000       $'000   $'000 
 
Assets                      4       3,000           1   3,005 
Liabilities                 -       (955)     (2,477) (3,432) 
Capital expenditure         -           -           -       - 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 31 December 2018                Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,004         955 
Unallocated: 
Cash                                    1           - 
Trade and other payables                -         842 
Loan Note                               -       1,635 
Total                               3,005       3,432 
 
          The segment assets and liabilities at 31 December 2017 and capital 
            expenditure for the period then ended are as follows: 
 
                      Trading Exploration Unallocated   Total 
                        $'000       $'000       $'000   $'000 
 
Assets                     78       3,089         299   3,465 
Liabilities                 -     (1,117)     (1,908) (3,025) 
Capital expenditure         -         132           -     132 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 31 December 2017                Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,167       1,117 
Unallocated: 
Other receivables                      94           - 
Cash                                  205           - 
Trade and other payables                -         496 
Loan Note                               -       1,412 
Total                               3,465       3,025 
 
  The segment assets and liabilities at 30 June 2018 and capital expenditure 
            for the year then ended are as follows: 
 
                      Trading Exploration Unallocated Total 
                        $'000       $'000       $'000 $'000 
 
Assets                     18       3,000         243 3,261 
Liabilities                 -         942       2,188 3,130 
Capital expenditure         -           -           -     - 
 
           Segment assets and liabilities are reconciled to Group assets and 
            liabilities as follows: 
 
At 30 June 2018                    Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,018         942 
Unallocated: 
Other receivables                      90           - 
Cash                                  153           - 
Trade and other payables                -         765 
Loan Note                               -       1,423 
Total                               3,261       3,130 
 
5. Earnings per share 
 
     The calculation of basic and diluted earnings per share is based on the 
            following data: 
 
                                   Unaudited Unaudited Unaudited 
 
                                    6 months  6 months      year 
                                          to        to     ended 
 
                                          31        31   30 June 
                                    December  December 
 
                                                            2018 
                                        2018      2017 
                                       $'000     $'000     $'000 
Loss for the purpose of basic 
loss per share 
 
                                       (564)     (782)   (1,523) 
 Number of shares 
Weighted average number of         4,826,314 2,209,126 3,112,078 
ordinary shares for the purposes        ,237      ,360      ,626 
of calculating basic and diluted 
loss per share 
 
Basic and diluted loss per share     (0.01c)   (0.04c)   (0.05c) 
(cents) 
 
-attributable to equity holders 
 
6. Intangible assets     Unaudited   Unaudited  Unaudited 
 
                       6 months to 6 months to year ended 
 
                       31 December 31 December    30 June 
 
                              2018        2017       2018 
                             $'000       $'000      $'000 
                             3,000       3,000      3,000 
 
Evaluation and exploration costs are capitalised in accordance with IFRS6 
 
    The asset comprises the Lac Dinga exploration licence in the Republic of 
  Congo held by La Societé des Potasses et des Mines SA ("SPM") in which the 
   Group has a 70% interest. The second term of the licence expired in April 
    2018. Under the Mining Code of the republic of Congo, an application has 
    been made to extend it for a third two year term. SPM is awaiting formal 
            approval from the government. 
 
    In order to develop the asset and issue a maiden resource statement, the 
       Group announced on 19 July 2017 that it has entered an agreement with 
  African Agronomix Limited ("AAX"), whereby AAX has the right to acquire up 
 to 100% of the Company's interest in Lac Dinga project structured over four 
    distinct phases. The agreement was effective 17 October 2017 and AAX are 
    acting as the operator of the project on behalf of SPM. AAX have delayed 
   commencement of the next phase of exploration work pending receipt of the 
            license renewal. 
 
7. Loan Note 
 
                                         $'000 
             At 1 July 2017              1,170 
Unpaid interest capitalised                190 
   Exchange rate adjustment                 52 
        At 31 December 2017              1,412 
   Exchange rate adjustment                 11 
            At 30 June 2018              1,423 
Unpaid interest capitalised                306 
   Exchange rate adjustment               (94) 
        At 31 December 2018              1,625 
 
 On 1 September 2017, the Company, with agreement of the lender, renewed the 
     term of the loan for a further 2 years. Unpaid interest of GBP145,669 was 
 rolled into the principal outstanding. The loan is repayable on the earlier 
            of: 
 
· 1 September 2019; 
 
· completion by the Company of equity financing which (in aggregate) 
raises more than GBP2.0m; and 
 
· completion of any non-trade finance debt financing. 
 
  In addition, the lender has the right at any time to convert any amount of 
 the loan outstanding at a conversion price of 0.025p per ordinary share or, 
if lower, at a price per share at which shares are issued for cash following 
            the renewal of the loan. 
 
Subject to certain trigger events the lender agreed to reduce the interest 
on the loan note to 10% per annum, payable monthly. In this context, the 
Company was required to make a minimum monthly payment to the lender of at 
least GBP5,000 in respect of accruing interest, and any balance of such 
accruing but unpaid interest shall be rolled-up as additional loan capital. 
Interest will be charged on the additional loan capital on 1 September 2018 
and 1 September 2019 only. 
 
? in the event that the Company fails to comply with the terms of the loan 
note, the Company agreed that the reduced rate of interest noted above shall 
cease to be effective and the interest rate (and associated provisions) 
shall revert to those set out in the original loan, together with all other 
consequences, with effect from 1 September 2017; and 
 
? the Company agrees to pay a facility re-arrangement fee of GBP50,000 in 
respect of the renewal at 1 September 2017. The lender agreed to waive this 
fee provided that the Company complies with the terms of the loan note on an 
ongoing basis (failing which, such fee shall be immediately due and 
payable). 
 
The Company has not met its obligations and accordingly a provision has been 
made for the full amount of interest and arrangement fees under the 
agreement. The amount of unpaid interest and fees capitalised at 1 September 
2018 was $306,000. 
 
8. Share 
Capital 
                               Ordinary shares of no par value 
                                   Allotted and fully paid 
                                         Number            $'000 
 
At 1 July 2017                    1,876,112,472           18,551 
Issue of                          1,971,111,111              641 
shares 
        At 31 December 2017       3,847,223,583           19,192 
            Issue of shares         883,139,567              122 
             At 1 July 2018       4,730,363,150           19,314 
     Issue of                       107,000,000               31 
       shares 
        At 31                     4,837,363,150           19,345 
December 2017 
 
         On 17 July 2017, 111,111,111 shares were issued at 0.045p for cash. 
 
       On 25 October 2017, 100,000,000 shares were issued at 0.06p for cash. 
 
     On 16 November 2017 and 15 December 1,600,000,000 shares were issued at 
          0.025p for cash and a further 160,000,000 were issued to advisors. 
 
      On 29 March 2018 122,500,000 shares were issued as incentive shares. A 
     further 176,710,996 shares were issued to directors, and consultants in 
            settlement of fees due. 
 
       On 21 June 2018 471,428,571 shares were issued for cash at 0.035p and 
 112,500,000 shares were issued to advisors and consultants in settlement of 
            fees. 
 
           On 19 July 2018 107,000,000 shares were issued for cash at 0.035p 
 
            For more information, visit: http://www.blockcommodities.com [4] 
 
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 
 
     Public and Investor Relations: 
     Cassiopeia Services - Stefania  stefania@cassiopeia-ltd.com 
                          Barbaglio 
 
ISIN:          GG00B4QYTJ50 
Category Code: IR 
TIDM:          BLCC 
LEI Code:      2138001KNTXRAZTFKU51 
Sequence No.:  8010 
EQS News ID:   793877 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=649ccd270a1928d7dadc9314609b4124&application_id=793877&site_id=vwd_london&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=79c9ea49af2db25b7be5290883129e21&application_id=793877&site_id=vwd_london&application_name=news 
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5fd957859089143ab1da9a8d39238f92&application_id=793877&site_id=vwd_london&application_name=news 
4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=9bde756e7c0d782c1283fab3c60743c6&application_id=793877&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

March 29, 2019 12:21 ET (16:21 GMT)

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