VANCOUVER, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- Block X Capital Corp. ("Block X" or the "Company") (CSE: BXXX) is pleased to announce a further CDN $500,000 investment in Canivate Growing Systems Ltd. (“Canivate”) by way of Convertible Debenture. The Debenture will bear interest at 12% per annum and mature five years from the date of issuance. The Debenture will be convertible at the holder's option, at any time before maturity, and will automatically convert into units of the Corporation (the "Units") at $1.00 per Unit upon the occurrence of certain Liquidity Events, including listing of the Corporation's Class A common shares ("Common Shares") on an eligible stock exchange. Each Unit issued on conversion will consist of one Common Share and one Common Share purchase warrant (each, a "Warrant").
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.
“Canivate continues to grow their business and add value. This convertible round we’ll be the baseline for their public listing in coming months. We’re supporting their management and endeavours after multiple site visits and meetings with their off take partners,” says 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.