NEO Battery Closes Upsized Non-Brokered Private Placement Offering of $5.5 Million

Core Points - NEO Battery Materials Ltd. has successfully closed an upsized non-brokered private placement, raising approximately $5,500,000 through the issuance of 10,785,836 units at a price of $0.51 CAD per unit [1][3] Group 1: Offering Details - Each unit consists of one common share and one non-transferable common share purchase warrant, with an exercise price of $0.80 CAD for a period of 36 months [2] - The net proceeds from the offering will be allocated towards securing South Korean battery components, purchasing scale-up equipment for silicon battery material development, and general working capital [3] Group 2: Regulatory and Compliance Information - The offering was conducted under an exemption from the prospectus requirement, allowing for the sale of securities outside Canada without resale restrictions [4] - The offering is not classified as a Related Party Transaction and is therefore not subject to certain TSXV policies [4] Group 3: Company Overview - NEO Battery Materials is focused on developing silicon-enhanced lithium-ion batteries for various applications, including drones, UAVs, and robotics [6] - The company aims to establish a secure battery supply chain in North America and is committed to producing high-performance battery components through a low-cost manufacturing process [6]