12 July 2019
Mission to Acquire 100% of Pilbara Metals Group
Mission NewEnergy Limited (ASX:MBT, OTC:MNELF) (“Mission” or the “Company”) announces today that it has entered into a Heads of Agreement to acquire Pilbara Metals Group Pty Ltd (“PMG”), an exciting Western Australian business in the EV battery chemical market.
- Acquisition of 100% of PMG by issuance of 99.0m fully paid ordinary shares in Mission;
- PMG aims to be the first producer of high purity manganese sulphate (HP MnSO4) in Australia using a novel production process;
- HP MnSO4has emerged as a critical EV battery material;
- Novel, low cost production process utilising low to medium grade manganese ore that is readily available;
- HP MnSO4 is driven by the need to reduce the $/kwh of a high performance EV battery;
- Mission will raise up to $6 million through the issue of new shares, anticipated to be at $0.035c per shareto complete its Front End Engineering Design (FEED) Study along with its Bankable Feasibility Study (BFS);
- Transaction subject to conditions precedent by both MBT and PMG; and
- MBT Board and management shall materially change at the conclusion of the transaction.