Business
NEO Battery Closes Non-Brokered Private Placement Offering of $7 Million
NEO Battery Materials Ltd. ("NEO" or the "Company") (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and electronics, is pleased to close its non-brokered private placement (the "Offering") of 11,666,667 units (each, a "Unit") at a price of $0.60 CAD per Unit for aggregate gross proceeds of up to approximately $7 million CAD.
About this update from Neo Battery Materials Ltd
[{"type":"text","content":"TORONTO, Jan. 21, 2026 /CNW/ - NEO Battery Materials Ltd. ("NEO" or the "Company") (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and electronics, is pleased to close its non-brokered private placement (the "Offering") of 11,666,667 units (each, a "Unit") at a price of $0.60 CAD per Unit for aggregate gross proceeds of up to approximately $7 million CAD.","length":518,"tagName":"p"},{"type":"image","alt":"NEO Battery Materials Logo (CNW Group/NEO Battery Materials Ltd.)","displaySize":"","headline":null,"caption":"NEO Battery Materials Logo (CNW Group/NEO Battery Materials Ltd.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":179,"url":"https://media.zenfs.com/en/cnwgroup.com/c116ce84252099a0ed228b3da3425971"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/FikRBKSX3AXpSi8gVSRhkQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMxNTtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/c116ce84252099a0ed228b3da3425971","width":400,"height":179}},"href":"https://mma.prnewswire.com/media/2866806/NEO_Battery_Materials_Ltd__NEO_Battery_Closes_Non_Brokered_Priva.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""This financing further strengthens our balance sheet and provides the capital required to continue executing on our recently announced OEM engagements. The proceeds will allow us to accelerate the Company's Defense Battery Development Program for military drone and unmanned system integration, expand cell assembly capabilities at the expansion site, and support the scale-up of production activities already underway," expressed Mr. Spencer Huh, President & CEO of NEO. "Importantly, this funding supports our transition form development and qualification into execution and delivery, as we advance multiple commercial programs for various electronics and deepen our manufacturing footprint. We believe this positions NEO well to meet near-term customer requirements while continuing to build the operational foundation for long-term growth."","length":873,"tagName":"p"},{"type":"text","content":"Each Unit consists of one common share of the Company (each, a "Common Share") and one non-transferab...