My Foodie Box Raises $500K to Relaunch as Gold Explorer Tarrina Resources
My Foodie Box Limited has raised $500,000 through unsecured promissory notes to support its transformation into Tarrina Resources and relisting on the ASX as a resource exploration company.
- Secured $500,000 interim funding via unsecured promissory notes
- Plans to acquire gold and exploration projects in NSW and South Australia
- Proposed $5 million public offer at $0.02 per share
- Name change to Tarrina Resources Limited ahead of ASX relisting
- Shareholder meeting scheduled for October 1 to approve transaction
Interim Funding Secured
My Foodie Box Limited, soon to be renamed Tarrina Resources Limited, has taken a significant step towards its strategic pivot into the mining sector by securing $500,000 in interim funding. This capital raise was achieved through the issuance of unsecured promissory notes to professional and sophisticated investors, none of whom are related parties, underscoring a vote of confidence from external backers.
Acquisition of Resource Projects
The funding supports the company’s binding agreement to acquire 100% of Rox 1 Pty Ltd and Rox 2 Pty Ltd from MondoRox Pty Ltd. These subsidiaries hold key assets including the Christmas Gift Gold Project in New South Wales and the Walparuta and Yongala Projects in South Australia. This acquisition marks a clear departure from My Foodie Box’s previous business focus, signaling a full transformation into a resource exploration entity.
Path to ASX Relisting
Following the acquisition, Tarrina Resources plans to conduct a public offer aiming to raise $5 million at an issue price of $0.02 per share. The company intends to re-comply with ASX Listing Rules Chapters 1 and 2 and seek reinstatement to official quotation. The interim funding will cover transaction costs and provide working capital during this transition period.
Promissory Note Terms and Shareholder Involvement
The promissory notes issued carry no interest and are unsecured, with a maturity of three years. Subject to shareholder approval, these notes will convert into shares and options, offering investors potential upside aligned with the company’s relisting ambitions. Notably, existing substantial shareholder JAF Capital Pty Ltd and company secretary Kyla Garic participated in the interim raise, reflecting internal support for the new direction.
Next Steps and Market Implications
The company has scheduled a general meeting for October 1, 2025, to seek shareholder approval for the transaction and plans to lodge a prospectus shortly thereafter. Investors will be watching closely to see how the market receives the public offer and whether Tarrina Resources can successfully reposition itself within the competitive gold exploration sector.
Bottom Line?
The success of Tarrina Resources’ relisting and capital raise will be pivotal in defining its future as a player in Australia’s gold exploration landscape.
Questions in the middle?
- Will shareholders approve the conversion of promissory notes and the proposed acquisition?
- How will the market respond to the $5 million public offer at the proposed pricing?
- What are the development plans and timelines for the newly acquired gold projects?
