Back to all announcements

DJ Block Commodities Ltd: Placing to Raise GBP165,000 and Issue of Equity

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

 Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Placing to Raise GBP165,000 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" or the "Company") 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
     Placing to Raise GBP165,000 and Issue of Equity 
     Block Commodities Limited, the innovative commodity trader operating in 
      Africa, is pleased to announce a subscription to raise GBP165,000 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 
    GBP165,000 (before expenses) at a price of GBP0.00035 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 GBP37,375. 
     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 
For further information, please contact: 
Block Commodities Limited 
Chris Cleverly                
    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 
ISIN:          GG00B4QYTJ50 
Category Code: MSCM 
TIDM:          BLOC 
Sequence No.:  5666 
EQS News ID:   697435 
End of Announcement EQS News Service 

(END) Dow Jones Newswires

June 21, 2018 02:01 ET (06:01 GMT)