NEO Battery Materials Closes Final Tranche of Oversubscribed Private Placement

Core Viewpoint - NEO Battery Materials Ltd. has successfully closed the second tranche of an oversubscribed private placement, raising a total of $900,000 CAD to support its silicon anode materials development for lithium-ion batteries [1][2]. Group 1: Offering Details - The final tranche involved the issuance of 1,400,000 units at a price of $0.50 CAD per unit, generating gross proceeds of $700,000 CAD [1]. - In total, the company issued 1,800,000 units across both tranches, with each unit comprising one common share and one non-transferable warrant [2]. - Each warrant is exercisable at an exercise price of $0.75 CAD for a period of 24 months from the respective closing date [2]. Group 2: Use of Proceeds - Proceeds from the offering will be allocated towards scaling up silicon battery research and development, purchasing key manufacturing equipment, and covering working capital and general corporate overhead [2]. Group 3: Finder's Fees and Regulatory Compliance - The company paid finders a cash commission of $45,500 CAD and issued 91,000 non-transferable warrants exercisable at $0.50 CAD for 24 months [3]. - A portion of the units was offered to purchasers outside Canada under an exemption from the prospectus requirement, with specific resale restrictions applicable to Canadian purchasers [3]. Group 4: Company Overview - NEO Battery Materials is focused on developing 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, low-cost manufacturing process that enables longer-lasting and ultra-fast charging batteries compared to existing technologies [5].