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Neo Battery Materials Ltd
Symbol NBM
Shares Issued 97,525,647
Close 2022-01-26 C$ 0.345
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Neo Battery says disputed option expired long ago

2022-01-26 19:40 ET - Street Wire

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by Mike Caswell

Neo Battery Materials Ltd. denies that it owes anything to Gary Anderson, a man who is suing over a stock option agreement that the company refused to honour. While Mr. Anderson claims to be an employee of the company, Neo says that it stopped paying him on Feb. 1, 2019. His stock option expired 90 days later, the company contends.

Neo is responding to a lawsuit that Mr. Anderson filed in the Supreme Court of British Columbia on Dec. 21, 2021. He complained that the company granted him an option in 2018, but when it came time to exercise that option the company would not issue the shares. The option, as described by Mr. Anderson, was for 350,000 shares at six cents (which would have made the underlying stock worth $245,000 on the date he attempted to exercise it). He sought a court order that would require the company to recognize the option agreement or compel it to pay appropriate damages.

For its part, Neo denies any wrongdoing, and contends that Mr. Anderson's option expired long ago. In a response filed on Jan. 25, 2022, the company says that it employed Mr. Anderson as the manager of its Peruvian subsidiary, starting in August, 2016. He worked for the company until Feb. 1, 2019, with his final duty being an attempt to sell mining concessions that belonged to the Peruvian subsidiary.

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