Ann: Quarterly Activities and Cashflow Report, page-27

[Extract from the Company Update on the 5th September]

Metallum Limited (ASX: MNE) (“Metallum” or “the Company”) advises that the heads of agreement in respect of the Company’s proposed acquisition of Squirel Ltd (further details of which were announced to ASX on 17 June 2016) has been terminated due to non-satisfaction of certain conditions precedent to the transaction. Accordingly, the transaction will not proceed.
[END]

What it actually means no-one knows unless you want to call Squirel and ask. I suspect Squirel went cold on the deal and let some conditions they had to meet lapse thus giving MNE the opportunity to terminate the HoA and they could fade off back in to obscurity.