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.
19 July 2018
BLOCK COMMODITIES LIMITED
("Block Commodities" or the "Company")
Block Commodities Limited / Epic: BLCC / Sector: Mining
Extension of Placing to Raise £200,450 (in aggregate)
Block Commodities Limited, the innovative commodity trader operating in Africa, is pleased to announce that pursuant to the placing announced on 21 June 2018 (the 'Initial Placing'), it has extended the placing with the result that the final amount raised is increased from £165,000 on the Initial Placing to £200,450 before expenses from new and existing strategic investors maximising the company's current share authority.
Pursuant to the Initial Placing and the extension (the 'Extended Subscription', together the 'Aggregate Fundraising'), the Company issues 578,428,571 new ordinary shares of no par value to raise £200,450 (before expenses) at a price of £0.00035 pence per new ordinary share (the 'Placing Price'), of these amounts, under the Extended Subscription the Company issues 107,000,000 new ordinary shares of no par value (the 'Subscription Shares') to raise £37,450 (before expenses) at the Placing Price. As a condition to the Initial Placing and the Extended Subscription the Company has also agreed to issue 57,842,857 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 deployed as additional working capital to support the pilot project the Company is undertaking in Uganda, alongside with its strategic partners. Preparations are underway to commence later in the summer.
The new shares to be issued pursuant to the Aggregate Fundraising amount to 14.3% of the enlarged issued share capital of the Company immediately after the Extended Subscription. The Subscription Shares rank pari-passu with the existing ordinary shares.
Following the issue of the Subscription Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company has 4,837,363,150 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 4,837,363,150 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:
"It has been a busy summer so far both on the corporate and operational front. My recent trips to Canada, Malta, and Asia have been very productive, and I am pleased to see that our project is generating global interest. We have established Block Commodities as one of the pioneers in the commodity blockchain-based applications, and the leading company in Africa Agritech. I am very excited to start our pilot project in Uganda , and then expanding into other countries in Sub-Saharan Africa."
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.
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