Mission NewEnergy Limited (ASX:MBT) entered into a heads of agreement to acquire Australian Urethane Systems Pty. Limited on December 5, 2016. Under the terms of the transaction, AUS group shall receive AUD 12 million in cash and shares equaling approximately 47.5% of MBT assuming a capital raising of AUD 17 million and will issue 63.3 million consideration shares. To fund the acquisition Mission will raise approximately AUD 17 million through the issue of new share. The deal is subject to completion of a funding round, approval of shareholders and Board of Directors of Mission NewEnergy Limited and ASX approval by Mission. The deal is expected to close on April 1, 2017. Mission NewEnergy Limited announced on June 15, 2017, that the acquisition of Australian Urethane Systems Pty. Limited has been delayed. Mission NewEnergy Limited (ASX:MBT) cancelled the acquisition of Australian Urethane Systems Pty. Limited on January 19, 2018.