Block Commodities Ltd (BLOC) Block Commodities Ltd: Placing to Raise £165,000 and Issue of Equity 21-Jun-2018 / 07:00 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.
21 June 2018
BLOCK COMMODITIES LIMITED
("Block Commodities" or the "Company")
Block Commodities Limited / Epic: BLCC / Sector: Mining
Placing to Raise £165,000 and Issue of Equity
Block Commodities Limited, the innovative commodity trader operating in Africa, is pleased to announce a subscription to raise £165,000 before expenses (the 'Subscription') from new and existing strategic investors maximising the company's current share authority.
Pursuant to the Subscription, the Company will issue 471,428,571 new ordinary shares of no par value (the 'Subscription Shares') to raise £165,000 (before expenses) at a price of £0.00035 pence per new ordinary share (the 'Placing Price'). As a condition to the Subscription the Company has also agreed to issue 47,142, 857 warrants to subscribe for new ordinary shares in the Company at the Placing Price, exercisable for a period of three years from completion of the Subscription.
The proceeds from the Subscription will be used to support the Company's overall growth strategy. The Company is preparing for the launch of its pilot project in Uganda later in the summer, with its strategic partners, and it is also developing a series of new connections as worldwide third-party interest in its business grows.
In addition, the Company is issuing 112,500,000 new ordinary shares of no par value (the 'Fee shares') in settlement of advisory and consultancy fees amounting to £37,375.
The Subscription and Fee Shares will, on issue, amount to 12.34% of the enlarged issued share capital of the Company immediately after the Fundraising, will be issued on or around 28 June 2018. The Subscription and Fee Shares will rank pari-passu with the existing ordinary shares.
Following the issue of the Subscription Shares and the Fee Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 4,730,363,150 ordinary shares of no par value in issue each with voting rights. The Company does not hold any shares in treasury. The above figure of 4,730,363,150 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 Executive Chairman, Chris Cleverly commented:
"I am pleased with the progress the company has made to date, we have consistently demonstrated to the market in recent months that we can complete deals and transform the business into a structured blockchain commodities company. I am very much looking forward to the upcoming pilot in Uganda and further updating the market on our continued use of combined technologies in the blockchain space, together with our partners we believe there is a huge growth strategy in this space."
About Block Commodities
Block Commodities' strategy is to maximise the efficiencies of African agricultural commodities and other linked products and services through the deployment of blockchain technology. These products and services will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain's ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of these ecosystems in the context of the agricultural production cycle.
In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities is working to help African farmers raise productivity and secure better returns for their produce. This is an important step in establishing African communities as significant future global agricultural producers.
The Directors of the Company accept responsibility for the content of this announcement.
For further information, please contact:
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