Block Commodities Ltd (BLCC)
Block Commodities Ltd: Extension of option to Greenbelt Company Limited
30-Jan-2020 / 08:24 GMT/BST
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30 January 2020
BLOCK COMMODITIES LIMITED
("Block Commodities" or the "Company")
Block Commodities Limited / Epic: BLCC / Sector: Mining
Extension of option to acquire Greenbelt Company Limited
London, 30 January 2020 - Block Commodities Ltd ("Block" or the "Company")
is pleased to announce an extension of the exclusive share option agreement
with Greenbelt Company Limited ("Greenbelt").
On 27 March 2019 Block Commodities announced that it had entered into a
Binding Contract with Greenbelt's shareholders to acquire a 100% interest
("Sale Shares") in the business.
Greenbelt has access to over 4,000 acres of farmland in Sierra Leone which
it leases to licensed retail cultivators. In November 2018, Greenbelt was
granted a licence by the Sierra Leone Minister of Agriculture and Forestry
for medical cannabis production and processing. Block Commodities plans were
to 'fast-track' and streamline operations in Sierra Leone as soon as the
acquisition was finalised.
Subject to successful due diligence and the execution of transactional
documentation, Block Commodities had agreed to pay a premium of GBP 10,000
for a 90-day exclusive option to acquire the Sales Shares for a
consideration of GBP 4 million to be satisfied by the issue of new ordinary
shares at a price of GBP0.001 upon exercise of the option. This is at a
premium to the share price of Block Commodities Limited which was GBP0.0003
when the shares were suspended on 21 September 2018.
The Company now wishes to inform shareholders that it has reached a verbal
agreement to extend the exclusive share option agreement with Greenbelt.
This informal agreement will allow Block to extend the original 90-day
option period until such point that the acquisition is completed.
Both parties remain in regular contact and the Company will keep
shareholders informed of any further developments.
ENDS
CONTACTS
Block Commodities Limited
Chris Cleverly info@blockcommodities.com
Ian Tordoff info@blockcommodities.com
Press contact
Hawthorn Advisors block@hawthornadvisors.com
+44 (0)20 3745 4960
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
The Directors of the Company accept responsibility for the content of this
announcement.
Building on well-established connections and technology expertise, the
Company has expanded its operations into the CBD wellness and medicinal
cannabis market with a strategy to produce and process cannabis-based
products via licences in Africa, to supply the growing demand in Europe.
For more information, visit: http://www.blockcommodities.com [1]
ISIN: GG00B4QYTJ50
Category Code: MSCM
TIDM: BLCC
LEI Code: 2138001KNTXRAZTFKU51
OAM Categories: 2.3. Major shareholding notifications
Sequence No.: 43592
EQS News ID: 964071
End of Announcement EQS News Service
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(END) Dow Jones Newswires
January 30, 2020 03:24 ET (08:24 GMT)
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