Pure Foods Tasmania Pty Ltd entered into a share sale agreement to acquire Bunji Corporation Limited (ASX:BCL) in a reverse merger transaction on December 24, 2019. Under the term, Bunji Corporation will issue 23.5 million shares and 6 million options, each with an exercise price of AUD 0.30 expiring November 8, 2021. As part of the transaction, Bunji Corporation intends to cancel 46.04 million existing shares by way of a selective reduction of capital and conduct the consolidation of its capital on a 10 to 1 basis. Bunji Corporation will conduct a capital raising to raise a minimum of AUD 3 million and relist on the ASX under the name "Pure Foods Tasmania Limited". Post completion of the transaction, current Directors Nicholas Young, Peter Woods and Shaun Hardcastle will resign from the Board, and a new Board (including the existing Directors of PFT) will be appointed.

The transaction is subject to completion of due diligence by both parties, execution of the ancillary share sale agreements, shareholder approval of Bunji Corporation, Bunji raising at least AUD 3 million under a public offer, Bunji Corporation completing the share cancellation, consolidation and the public offer, Bunji Corporation receiving a conditional re-listing letter from ASX advising that ASX will reinstate the Shares to official quotation on ASX following completion of the transaction. The transaction was approved by the Board of Directors of Bunji Corporation. The shareholder meeting of Bunji Corporation will take place on January 30, 2020. As on January 30, 2020, the transaction has been approved by shareholders of Bunji Corporation and Bunji Corporation signed Ancillary SSAs with the remaining Pure Foods. All conditions precedent to the share sale agreements have been satisfied. It has received conditional approval from ASX to be reinstated to the Official List of ASX and has closed its oversubscribed Public Offer raising AUD 3.5 million (before costs). The transaction is expected to close on March 16, 2020. As of April 2, 2020, The transaction is expected to close shortly. Otsana Capital acted as a financial advisor to Bunji Corporation.