Block Commodities Ltd: Directors Dealings and Issue of Equity

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Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Directors Dealings and Issue of Equity 
 
29-March-2018 / 15:09 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. 
 
29 March 2018 
 
      BLOCK COMMODITIES LIMITED 
 
      ("Block Commodities" or the "Company") 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
      Directors Dealings and Issue of Equity 
 
            Incentive shares 
 
   Given that the Company's trading business is yet to generate profits, the 
    directors recognise that conservative cash management continues to be of 
 paramount importance. Accordingly, in the context of these cash constraints 
 and pursuant to the authority given to the directors by shareholders at the 
   general meetings held on 16 June 2017 and 13 December 2017, the following 
awards of "equity incentives" have been made to directors of the Company and 
            consultants to the Company: 
 
  · Dr Chris Cleverly - 170,000,000 new ordinary shares; 
 
  · Mr Elias Pungong - 25,000,000 new ordinary shares; and 
 
  · Rt Hon Mark Simmonds - 25,000,000 new ordinary shares; 
 
  · consultants to the Company - 25,000,000 new ordinary shares, 
 
            together the "Incentive Shares". 
 
        50% of the Incentive Shares will be issued immediately (the "Initial 
Incentive Shares") and the remaining 50% of the Incentive Shares will "vest" 
and be issued once the Company's share price exceeds 0.2p for a period of 30 
days (the "Subsequent Incentive Shares"). Further announcements will be made 
      when the Company's obligation to issue the Subsequent Incentive Shares 
            arises. 
 
            Share Options 
 
    The following awards of share options have been made to directors of the 
 Company. All of these options "vest" and become exercisable after a holding 
            period of one year from the date of this announcement: 
 
                               Exercise Price 
                        0.055p     0.125p      0.2p 
Dr Chris Cleverly     50,000,000 40,000,000 25,000,000 
Mr Elias Pungong      10,000,000 8,000,000  5,000,000 
Rt. Hon Mark Simmonds 20,000,000 16,000,000 10,000,000 
 
            Fee Shares 
 
       Block Commodities Limited announces that it has today entered into an 
 agreement with Dr Chris Cleverly to immediately issue to him 90,909,909 new 
   ordinary shares in settlement of outstanding director's fees amounting to 
         GBP50,000 (the "Director's Fee Shares"). Dr Cleverly has declared his 
            intention not to sell the shares in the foreseeable future. 
 
          In addition, the Company has agreed to immediately issue a further 
 85,801,087 new ordinary shares in settlement of outstanding fees payable to 
  advisers to the Company, in an aggregate amount of GBP63,510 (the "Advisers' 
            Fee Shares"). 
 
            Total Voting rights 
 
   The Initial Incentive Shares, the Director's Fee Shares and the Advisers' 
        Fee Shares (together the "New Shares") will rank pari passu with the 
    existing ordinary shares and amount to 7.2% of the enlarged issued share 
            capital of the Company upon issue, on or around the date of this 
            announcement. 
 
     Following the issue of the New Shares, in accordance with the Financial 
Conduct Authority's Disclosure and Transparency Rules, the Company will have 
     4,146,434,579 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 4,146,434,579 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. 
 
  The Directors of the Company accept responsibility for the content of this 
            announcement. 
 
For further information, please contact: 
 
Block Commodities Limited 
Chris Cleverly                              [phone] 
 
    NEX Exchange Corporate Adviser: 
 Alexander David Securities Limited 
    David Scott - Corporate Finance         [phone] 
James Dewhurst - Corporate Broking          [phone] 
 
Public and Investor Relations: 
Cassiopeia Services - Stefania       [e-mail] 
Barbaglio 
 
ISIN:          GG00B4QYTJ50 
Category Code: IOE 
TIDM:          BLOC 
Sequence No.:  5346 
 
End of Announcement EQS News Service 
 
670627 29-March-2018 
 
 

(END) Dow Jones Newswires

March 29, 2018 10:11 ET (14:11 GMT)