TESORO GOLD LTD — M&A Activity 2019

May 15, 2019

16 May 2019

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Agreement to acquire The Food Box Terminated

The Directors of Plukka Limited (“ Plukka ” or the “ Company ”) (ASX: PKA ) wish to advise that after careful consideration the agreement to acquire two separate entities collectively known as The Food Box (“ TFB ”) (“ Acquisition ”) has been terminated by the parties.

As announced on 4 October 2018, and further revised on 22 February 2019, the Company’s Acquisition was subject to several conditions precedent, including the completion of financial, legal and commercial due diligence by PKA in relation to TFB to its absolute discretion. In this regard the Company has worked closely with TFB since October 2018 including preparation of audited financial accounts for TFB, independent legal reports on TFB’s operating licenses and general commercial due diligence. Whilst several aspects of this due diligence resulted in positive findings, recent changes to the proposed TFB Board and management team, slower than anticipated ramp-up in revenue as well as timing uncertainty created by TFB currently considering potential complimentary acquisitions has resulted in the decision by the parties to terminate the Acquisition.

Notwithstanding this decision, PKA will continue its discussions with TFB however believes terminating the Acquisition is in the best interests of PKA shareholders to allow the Company to consider other acquisition opportunities in parallel with the objective of trying to complete an acquisition in a timely manner.

As disclosed in the Company’s Appendix 4C released to the ASX on 30 April 2019, as at 31 March 2019 PKA had approximately $507,000 in cash.

The Company’s securities will remain in suspension while it continues to pursue acquisition opportunities.

For more information, please contact:

John Toll jt@azurecapital.com.au Chairman