Real Energy Corporation Limited (ASX:RLE) entered into an binding scheme implementation agreement to acquire Strata-X Energy Ltd. (TSXV:SXE) in a reverse merger transaction for AUD 38 million on July 14, 2020. Under the terms of transaction, Real Energy shareholders will receive one new Strata-X share for three Real Energy shares that they own and will issue a total of 117.7 million new shares to Real Energy. The consideration options will be options over fully paid ordinary shares in Strata-X and it will issue 21.7 million options to Real Energy. The combination of Strata-X and Real Energy will be renamed Pure Energy Corporation Limited with ticker symbol “PH2”. Pure Hydrogen, the company to be formed by the merger of Strata-X Energy and Real Energy, is now scheduled to list on the Australian Stock Exchange by the end of February 2021. As of February 25, 2021, Strata-X Energy Ltd. disclosed that the name change will apply from February 26, 2021 in advance of the completion of the merger with Real Energy Corporation Limited. Post the merger, Real Energy will have 100% of Project Venus. In case the transaction is terminated, Real Energy and Strata-X Energy will pay AUD 0.1 million respectively.

On the implementation date, the Board will comprise of Ron Prefontaine, Strata-X Energy's current Executive Chairman as Non-Executive Chairman; Scott Brown, Real Energy's current Managing Director as Managing Director and Chief Executive Officer; and one nominee each from the parties as Non-Executive Director. Dang Lan Nguyen also proposed to be appointed as Director. The outgoing Directors will resign on or before the implementation date. The parties agree that the following employees or contractors of Real Energy and Strata-X Energy shall remain employed until December 26, 2020 on terms and conditions of the employment/consultancy agreement in place on the date of this agreement: David Hettich, Modisana Botsile and Ying Ou.

The transaction will be subject to Real Energy shareholders' approval, court approval, Strata X Energy delisting its shares from the TSX.V, as Strata-X will remain listed on the ASX, it is not anticipated that majority of the minority shareholder approval will be required in connection with the delisting application, customary conditions including satisfaction of regulatory approvals and no legal constraints on completion. The Board of Strata-X Energy unanimously recommend to scheme participants that the scheme be approved. Shareholders meeting of SXE and RLE will be held in November of 2020. The Court approval is expected in November of 2020. As of December 11, 2020, the transaction has been approved by the shareholders of Real Energy Corporation Limited and Strata-X received shareholder approval for any resolutions related to the scheme on November 13, 2020. As on December 16, 2020, an adjournment was granted by the court until January 20, 2021 to allow the remaining condition to be met. At the subsequent court hearing on December 18, 2020, some conditions precedent had not been met. The outstanding condition is that Strata-X must seek shareholder approval for the issue of Strata-X. Real Energy shares will be suspended from trading on January 21, 2021. In December 2020, Strata-X Energy, delisted from the TSX.V exchange. On January 11, 2021, Strata-X Energy send notice to its shareholders regarding an extraordinary general meeting that will held on February 5, 2021. As of January 25, 2021, an adjournment of the Court was granted until February 10, 2021 to allow the remaining conditions to be met. As of February 9, 2021, the court hearing scheduled for February 10, 2021, to finalize the merger has been postponed due to illness of the presiding Judge. As of February 18, 2021, the court hearing rescheduled to February 25, 2021. As of February 25, 2021, the Federal Court of Australia has requested further information to allow the Scheme to proceed and will continue the hearing to finalize the merger on February 26, 2021. The Federal Court of Australia hearing to approve the merge of Real Energy with Pure Hydrogen was held on February 26, 2021. The Court requested further information to allow the Scheme to proceed and will continue the hearing to finalise the merge on March 5, 2021. As of March 5, 2021, the Federal Court of Australia approved the scheme. The transaction is expected to be completed by October 29, 2020. As on February 8, 2021, the merger and rename is expected to be completed in February 2021. As of February 18, 2021, the merger is expected to be completed in early March 2021. As of February 25, 2021, the transaction is expected to be completed on March 10, 2021. As of March 1, 2021, transaction is expected to complete on March 17, 2021. Computershare Investor Services Inc. acted as transfer agent to Strata-X.

Real Energy Corporation Limited (ASX:RLE) completed the acquisition of Strata-X Energy Ltd. (TSXV:SXE) in a reverse merger transaction on March 17, 2021. Subsequently, Scott Brown was appointed as Managing Director; Dang Lan Nguyen was appointed as a non executive Director; Ron Hollands was appointed as Company Secretary, and Greg Hancock and Don Romanink as Directors and Duncan Cornish as a Director and Company Secretary resigned.