Back to all announcements

DJ Block Commodities Ltd: Extension of Placing to Raise GBP200,450 (in aggregate)

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

 
 
 Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Extension of Placing to Raise GBP200,450 (in aggregate) 
 
19-Jul-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. 
 
19 July 2018 
 
      BLOCK COMMODITIES LIMITED 
 
      ("Block Commodities" or the "Company") 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
     Extension of Placing to Raise GBP200,450 (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 GBP165,000 on the 
 Initial Placing to GBP200,450 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 GBP200,450 (before 
 expenses) at a price of GBP0.00035 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 GBP37,450 (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. 
 
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: MSCH 
TIDM:          BLOC 
Sequence No.:  5760 
EQS News ID:   706005 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

July 19, 2018 02:01 ET (06:01 GMT)