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Vox Markets
12:11, 16th March 2021
Block Commodities (BLCC FOLLOW) said that together with Century Cobalt Corporation ( CCOB ), it has entered into an agreement to purchase a 70% interest in a Medicinal Cannabis licence.
The commodity-focused trading company, which is focused on value in African agriculture, said the two parties will acquire the medical cannabis licence granted to Magnus Cannabis Group Limited from the Government of Zimbabwe in exchange for a 35% holding each.
The option is for an exclusivity period of 90 days to complete the acquisition. This will include the payment of an £0.05m option fee, to be apportioned equally between both parties. BLCC will pay £1.5m through the issue of 2,142,857,142 fully paid ordinary shares at 0.07p.