VANCOUVER, British Columbia, May 10, 2019 (GLOBE NEWSWIRE) -- Block X Capital Corp. ("Block X" or the "Company") (CSE: BXXX) is pleased to announce a further CDN $1,000,000 investment in Canivate Growing Systems Ltd. (“Canivate”) by way of Purchase Units, each “Unit” consists of (i) one (1) Series A Preferred Share (each a “Preferred Share” and collectively the “Preferred Shares”), and (ii) one common share purchase warrant of the Corporation (each a “Warrant” and collectively the “Warrants”) exercisable for a period of 60 months from the date of issue of the Warrants (the “Expiry Time”) to purchase one (1) class A common share of the Corporation (a “Common Share” and collectively the “Common Shares”) at a price of $2.00, subject to acceleration of the Expiry Time. Following this investment, the Company will hold 3.7% of the fully diluted shares in Canivate.
Canivate has improved the production of cannabis by leveraging its proprietary propagation, growing environment, and growing methodology IP into three offtake agreements, with leading cannabis operators and brands in California.
“After great detail in looking at many investment opportunities in the past 2 months we see the upcoming public listing for Canivate as a great opportunity to rebuild our investment capital. Ultimately when they come to trade this investment will be free trading and as we see the company today in the current market sentiment it represents significant value,” states Arni Johannson, CEO of Block X.
On Behalf of the Company,
Arni Johannson, CEO
About Block X
Block X (CSE: BXXX) seeks investment opportunities in early to mid-stage blockchain and emerging technology companies. Block X is dedicated to disciplined due diligence, governance, and an investment process that results in highly qualified investment opportunities.