Pilbara Metals Group Pty Ltd entered into a heads of agreement to acquire Mission NewEnergy Limited (OTCPK:MNEL.F) in a reverse merger transaction on July 12, 2019. Under terms of the transaction, Mission NewEnergy Limited will issue 99 million fully paid shares to Pilbara Metals Group Pty Ltd. MBT Board and management shall materially change at the conclusion of the transaction. Upon completion of the transaction, James Garton, Guy Burnett and Dato Swaminathan Mahalingam will resign and Simon Andrew, Robert Mandanici & Annette Crabbe will be appointed as Directors of Mission NewEnergy Limited. Guy Burnett will remain in his role as Company Secretary going forward. As of September 24, 2019, Melvin Yeo has been appointed as Independent Non-Executive Chairman of Pilbara Metals Group Pty Ltd. Post completion, Melvin Yeo will take the role as Chairman of Pilbara Metals Group Pty Ltd. Transaction is subject to Mission NewEnergy Limited entering into share purchase agreements with shareholders of Pilbara Metals Group, various shareholder approvals from Mission NewEnergy’s shareholders, and disposal or closure of Mission NewEnergy’s current subsidiaries. Transaction is also subject to completion of the capital raising, completion of audit, independent accountant's report and other reports as may be required in relation to a prospectus to be issued by Mission NewEnergy in relation to the capital raising. The issue of Mission NewEnergy Limited’s shares to Pilbara Metals Group is subject to Mission NewEnergy Limited’s shareholders approval. The current Board of Directors of Mission NewEnergy Limited are unanimous in their support of the revised corporate strategy and the acquisition of the PMG business operations and each director intends to vote in favor of the resolutions contemplated in respect to their shareholding. Shareholder meeting to approve acquisition will be held in September 2019. Pilbara Metals Group Pty Ltd cancelled the acquisition of Mission NewEnergy Limited (OTCPK:MNEL.F) in a reverse merger transaction on October 31, 2019. ASX made it clear that they will not issue a waiver of listing rule 2.1, condition 2 under the current transaction structure, and as such, an essential condition precedent of the transaction is unable to be met.