MFB (WA) Pty Ltd agreed to acquire My Foodie Box Limited (ASX:MBX) from Little Oneroa Pty Ltd and others on November 8, 2023. All debts of the Company will be assumed by MFB on completion of the Transaction. These debts are currently approximately AUD1.5 million.

My Foodie Box Limited will provide vendor financing of AUD300k to MFB which must be repaid by MFB to the Company over 60 months. Completion of the Transaction is subject to satisfaction of various conditions precedent including shareholder approval, the Company obtaining consents from the creditors of the Company to the assignment of their debts to MFB, the Company obtaining consent for the transfer of employees and their entitlements to MFB, and the Company obtaining consents from each third party to the material contracts of the Business to the assignment of the contract to MFB. The Company is pleased to announce the appointment of Francis De Souza to the Board as a Executive Director.

AUD480k debt funding to fund completion of the transaction and for working capital. The transaction is expected to close in late February or in early March 2024.