NEO Battery Materials Ltd., a developer of low-cost silicon anode materials for rapid-charging, longer-lasting lithium-ion batteries, has closed the first tranche of its non-brokered private placement, generating gross proceeds of CAD 200,000. The company issued 400,000 units at CAD 0.50 per unit, with each unit comprising one common share and one non-transferable warrant. Each warrant entitles the holder to purchase an additional common share at CAD 0.75 per share for 24 months following the closing date.
Proceeds from this first tranche will support the scale-up of silicon battery research and development, the acquisition of critical manufacturing equipment, and general corporate and working capital needs. In connection with the placement, NEO paid finders a cash commission of CAD 14,000 and issued 28,000 non-transferable warrants exercisable at CAD 0.50 for 24 months.
The units were offered to investors outside Canada under Ontario Securities Commission Rule 72-503 (Distributions Outside Canada), and as such, the securities issued under this exemption are not subject to Canadian resale restrictions. This tranche does not constitute a related party transaction as defined under Multilateral Instrument 61-101 and is not subject to TSXV Policy 5.9. The closing remains subject to final acceptance by the TSX Venture Exchange.
These securities have not been and will not be registered under the United States Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless registered or exempt from registration requirements.
About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian technology company specializing in patent-protected silicon anode solutions for electric vehicles, consumer electronics, and energy storage systems. Its proprietary low-cost manufacturing process is designed to enhance battery runtime and enable ultra-fast charging compared to current state-of-the-art technologies. The company aims to become a leading global supplier of silicon anode materials.
Source: NEO Battery Materials
