Lanka Graphite Limited (ASX:LGR) entered into an non binding heads of agreement to acquire Oculus Biomed Pty Ltd for AUD 12 million on February 18, 2020. As per the agreement, Lanka Graphite Limited will issue 368 million share at AUD 0.02 per share to Oculus Biomed Pty Ltd shareholders upon completion and 112 million shares at 0.02 per share will be issued to Oculus Biomed Pty Ltd shareholders subject to and upon certain performance milestones being achieved after completion of the transaction. The transaction will be terminated if either party choose not to proceed with the proposed OBM acquisition if it is not satisfied with the result of its due diligence on the other party. The transaction is subject to satisfactory completion of legal, financial and operational due diligence and the relevant parties entering into a definitive binding agreement. The completion of the due diligence process is expected to occur at the end of the end of March 2020. Lanka Graphite Limited (ASX:LGR) cancelled the acquisition of Oculus Biomed Pty Ltd on May 15, 2020. Lanka Graphite advises that the proposed Oculus acquisition will not proceed and company will continue to explore other acquisition opportunities.