Mission NewEnergy Limited (ASX:MBT) announced parivate placement of 56,666,666 shares at a price of AUD 0.3 per share for gross proceeds of AUD 17,000,000 on December 5, 2016. The transaction is subject to approval of shareholders of the company in Extraordinary general Meeting scheduled to be held on March 23, 2017. The transaction is expected to close by April 1, 2017. The company may undertake shares consolidation in the ratio of 3.065:1.