Block Commodities Ltd: Extension of option to Greenbelt Company Limited

Block Commodities Ltd (BLCC) 
Block Commodities Ltd: Extension of option to Greenbelt Company Limited 
 
30-Jan-2020 / 08:24 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
 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. 
 
               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                     [e-mail] 
 
Ian Tordoff                        [e-mail] 
 
Press contact 
 
Hawthorn Advisors                  [e-mail] 
 
                                   [phone] 
 
NEX Exchange Corporate Adviser: 
Alexander David Securities Limited 
David Scott - Corporate Finance    [phone] 
James Dewhurst - Corporate Broking [phone] 
 
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 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5fd957859089143ab1da9a8d39238f92&application_id=964071&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

January 30, 2020 03:24 ET (08:24 GMT)