Mr. Spencer Huh reports
NEO BATTERY MATERIALS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Neo Battery Materials Ltd. has closed the non-brokered private placement of two million units of the company at the price of 40 cents per unit for gross proceeds of $800,000.
Each unit consists of one common share of the company and one-half of one non-transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one common share of the company at an exercise price of 75 cents for a period of 24 months from the closing date of the offering.
Neo intends to use the proceeds from this financing for research and development activities of the company's silicon anode technology and general working capital purposes. No finders' fees will be paid in connection with the offering and the common shares are subject to a four-month-plus-one-day hold period from the date of issuance. The offering is not a related party transaction as defined by Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and therefore is not subject to TSX Venture Exchange Policy 5.9. The offering is subject to final acceptance of the TSX-V.
About Neo Battery Materials Ltd.
Neo Battery is a Canadian battery materials 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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