Block Commodities Ltd
Block Commodities Ltd: Cannabis Licence Acquisition and Greenbelt Update

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.

16 March 2021

BLOCK COMMODITIES LIMITED

(“Block Commodities”, “BLCC” or the “Company”)

Cannabis Licence Acquisition and Greenbelt Update

Cannabis Licence Acquisition

Block Commodities  is  pleased to announce that the Company and Century Cobalt Corporation (“CCOB”), together the “Acquiring Parties”, have entered into an option agreement to acquire a 70% interest (the “Acquisition”) in a Medicinal Cannabis licence granted to Magnus Cannabis Group (Private) Limited (“Magnus”) by the government of Zimbabwe. The Acquiring Parties will each hold 35%. CCOB is a publicly traded (OTCQB: CCOB) cobalt exploration and development company headquartered in Los Angeles, California. The stake in the Magnus licence, will secure supply of medicinal grade cannabis for the production of Nutraceuticals.

The option is for an exclusivity period of 90 days to complete the Acquisition. The proposed terms of the Acquisition are as follows:

• Payment of an Option fee of £50,000, to be apportioned equally between the Acquiring Parties, and

• Payment by BLCC of GBP 1.5m through the issue of 2,142,857,142  fully paid ordinary shares in BLCC (calculated at 0.07p per share) upon exercise of the option, and contemporaneously the payment by CCOB of GBP1.5m of CCOB fully paid ordinary shares price based on a 30day VWAP (using the US$:GB£ closing middle market exchange rate published by the Bloomberg on the day immediately prior to completion).

Greenbelt Update

The Company is no longer pursuing the acquisition of Greenbelt Company Limited, pursuant to an option agreement date 27 March 2019, as the relevant Cannabis legislation is no longer under consideration by the Sierra Leone government.

The Directors of the Company accept responsibility for the content of this announcement.

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