Mission Newenergy Ltd. (fka MNELF)

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BOOM! Mission NewEnergy Limited (ASX: MBT, OTC: $MNELF) is pleased to announce that pursuant to the planned Reverse Takeover (RTO) by Pilbara Metals Group (PMG) as announced on 12 July 2019, MBT and PMG have signed the Implementation Agreement and have lodged a draft Shareholders Notice of Meeting (NOM) with the Australian Securities Exchange (ASX) for review. Upon confirmation from the ASX that the NOM is appropriate, it will be distributed to MBT shareholders for approval of the transaction. The MBT Directors support the transaction.

Please refer to the announcement released on 12 July 2019 which gives further details on the proposed acquisition of PMG by MBT.

An indicative capital structure at Completion, post consolidation and assuming $4.6m to $6.0m raise at indicative price of $0.035 per share is presented below.

Details


$4.6m raise



$6.0m raise


Existing Mission NewEnergy shares on issue
40,870,275
40,870,275
Consideration shares issued to PMG
102,948,444
102,948,444
Advisor & Broker Shares issued to Lead manager upon completion
4,600,000
6,000,000
Capital raise to comply with ASX listing rules
131,428,571
171,428,571
PMG Raise Shares
47,051,556
47,051,556
Total Mission NewEnergy shares (undiluted)

326,898,846
368,298,846



Options



Advisor options

2,000,000
2,000,000
Unlisted options

50,224,114
50,224,114
Performance Rights
141,368,600
141,368,600
Fully diluted capital structure

520,491,560
561,891,560

PMG update

PMG is pleased to announce the appointment of Melvin Yeo as the new independent non-executive Chairman of PMG. Mr Yeo is an entrepreneur, experienced company director & corporate lawyer, with more than 20 years’ experience in the start-up space, an ASX20 company and a top-tier Australian law firm. Mr Yeo will take the role as Chairman of MBT post conclusion of the RTO.

PMG thanks the outgoing Chairman, Mr Simon Andrew for his role in assisting the company to advance to where it is today.


Suspension from trading on ASX

In accordance with ASX’s policy for entities undertaking reverse take-over transactions, the Company’s securities will remain suspended from trading on ASX until the Company has complied with Chapters 1 & 2 of the Listing Rules in accordance with listing rule 11.1.3. Mission remains in compliance with Listing Rule 3.1


? Announcement Ends -

Company Contact:

Mission NewEnergy Ltd:

Guy Burnett
Phone: [phone]
Email: [e-mail]
Pilbara Metals Group:

Rob Mandanici
Phone: [phone]
Email: [e-mail]

https://www.otcmarkets.com/filing/html?id=13653929&guid=Y-0fU61MkzNi8th