Block Commodities Ltd
Block Commodities Ltd: Cannabis Seed Stock – Option Agreement

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.

24 March 2021

BLOCK COMMODITIES LIMITED

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

Cannabis Seed Stock – Option Agreement

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 approximately 2 million seeds from a private seed bank based in Cleveland, Ohio. CCOB is a publicly traded (OTCQB: CCOB) cobalt exploration and development company headquartered in Los Angeles, California.

The seeds comprise 4 varietals suitable for the production of medicinal grade cannabis, with an average 14.5% Cannabinoid content and a 0.25% THC content. If the Option is exercised, each of BCL and CCOB will hold an interest of 50% in the cannabis seed stock.

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

• Payment of an Option fee of £2, to be apportioned equally between the Acquiring Parties, and

• Payment by BLCC of GBP 100,000 through the issue of 142,857,143  fully paid ordinary shares in BLCC (calculated at 0.07p per share) upon exercise of the option, and contemporaneously the payment by CCOB of GBP100,000 of CCOB fully paid ordinary shares in CCOB at US Cents 7 per share (using the US$:GB£ closing middle market exchange rate published by the Bloomberg on the day immediately prior to completion).

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

For further information, please contact: