NEO Battery Materials Announces Closing of First Tranche of Private Placement

Core Viewpoint - NEO Battery Materials Ltd. has successfully closed the first tranche of a non-brokered private placement, raising a total of $200,000 CAD through the issuance of 400,000 units at a price of $0.50 CAD per unit [1][2]. Group 1: Offering Details - Each unit consists of one common share and one non-transferable common share purchase warrant, with each warrant exercisable at $0.75 CAD for 24 months from the closing date [2]. - The proceeds from the offering will be allocated towards scaling up silicon battery research and development, purchasing key manufacturing equipment, and general working capital [2]. Group 2: Finder's Compensation - The company paid an aggregate cash commission of $14,000 CAD to finders and issued 28,000 non-transferable warrants exercisable at $0.50 CAD for 24 months [3]. Group 3: Regulatory Compliance - The offering was conducted under an exemption from the prospectus requirement, allowing for the issuance of securities outside Canada without resale restrictions [3]. - The offering is not classified as a Related Party Transaction and is subject to final acceptance by the TSX Venture Exchange [3]. Group 4: Company Overview - NEO Battery Materials is focused on developing low-cost silicon anode materials for lithium-ion batteries, aiming to become a leading producer in the electric vehicle and energy storage industries [5]. - The company utilizes a patent-protected manufacturing process that enables longer-lasting and ultra-fast charging batteries compared to existing technologies [5].