Mr. Spencer Huh reports

NEO BATTERY MATERIALS ANNOUNCES MINIMUM FINANCING IN CONNECTION WITH CHANGE OF BUSINESS INTO A TECHNOLOGY ISSUER

Neo Battery Materials Ltd. intends to complete a financing to raise a minimum of $3.9-million in connection with the change of business (COB) into an industrial, technology or life sciences tier 2 issuer.

The company has yet to finalize the term, nature and/or price of each unit of the financing. The net proceeds of the financing will primarily be utilized for groundwork for the South Korean silicon anode commercial plant, material and equipment procurement, North American R&D (research and development) expansion, and general working capital. The financing is subject to compliance with applicable securities laws and approval of the TSX Venture Exchange, and Neo expects the final approval of the COB to occur following the closing of the financing.

About Neo Battery Materials Ltd.

Neo Battery Materials is a Vancouver-based company focused on electric vehicle lithium-ion battery materials. Neo Battery Materials has a focus on producing silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The company intends to become a silicon anode active materials supplier to the electric vehicle industry.

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