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Neo Battery Materials Ltd
Symbol NBM
Shares Issued 114,207,506
Close 2024-01-29 C$ 0.22
Market Cap C$ 25,125,651
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Neo Battery buys $1.7-million more shares in NBM Korea

2024-01-29 17:30 ET - News Release

Mr. Spencer Huh reports

NEO BATTERY MATERIALS INCREASES SHARE OWNERSHIP OF SOUTH KOREAN SUBSIDIARY – NBM KOREA CO.

Neo Battery Materials Ltd. has increased its ownership of the South Korean subsidiary, Neo Battery Materials Korea Co. Ltd. (NBM Korea), through a share purchase agreement with Automobile & PCB Inc. (A&P).

Neo acquired 258,829 common shares of NBM Korea from A&P for an aggregate purchase price of $1,708,707. Preceding the transaction, the company directly held 776,487 common shares of NBM Korea, representing 60 per cent of the issued and outstanding shares of NBM Korea, and following the closing, Neo now directly holds 1,035,316 common shares, representing 80 per cent of the issued and outstanding shares of NBM Korea. The transaction has closed on Jan. 29, 2024.

Considering recent technological advancements and breakthroughs at the R&D Scale-Up Centre in South Korea, the board of directors has unanimously resolved that acquiring the common shares of NBM Korea was mandatory to serve the company's best interests. Greater ownership will effectively translate into expanded proportions of short- and long-term value creation/realization and future cash flows for Neo's shareholders.

Furthermore, NBM Korea is actively discussing with several South Korean venture capital and institutional funds for further expansion and scale-up funding for the silicon anode business and value-enhancing battery technology projects. Accredited last October, NBM Korea's Innovative Growth Venture Enterprise Certification has enabled institutional investors to participate in NBM Korea's offerings due to the rigorous due diligence completed by the Ministry of SMEs and Startups of South Korea. In the long term, management intends to publicly offer or list NBM Korea's common shares in the South Korean stock exchange.

About Neo Battery Materials Ltd.

Neo Battery Materials is a Canadian battery material technology company focused on developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems. With a patent-protected, low-cost manufacturing process, Neo Battery enables longer-running and ultrafast-charging batteries compared with existing state-of-the-art technologies. The company aims to be a globally leading producer of silicon anode materials for the electric vehicle and energy storage industries.

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