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NEO Battery Materials Announces Series A $3 Million CAD Strategic Investment from Automobile & PCB Inc. into South Korean Subsidiary, NBM Korea Co., for First Phase of Commercial Plant Project
South Korean Subsidiary, NBM Korea Co., Ltd., to Receive Series A $3 Million CAD Strategic In...
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[{"type":"text","content":"NEO Battery Materials Announces Series A $3 Million CAD Strategic Investment from Automobile & PCB Inc. into South Korean Subsidiary, NBM Korea Co., for First Phase of Commercial Plant ProjectSouth Korean Subsidiary, NBM Korea Co., Ltd., to Receive Series A $3 Million CAD Strategic Investment from South Korean Automotive Parts Manufacturer, Automobile & PCB Inc. (\"A&P\"), for 40% StakeActive Cooperation Regarding Silicon Anode Commercialization Effort, Mass Production Facility Construction, Network Expansion, and Other Joint ProjectsParent Company, NEO Battery Materials Ltd., Protected from Shareholder Dilution as No Common Shares or Warrants IssuedNBM Korea in Discussion with South Korean Financial Institutions for Next Debt or Equipment Purchase Financing to Advance Commercial Plant EffortsUtilize Business Network of YSP and Yongsan, A&P's related companies, that Directly Supplies to Hyundai, Kia Motors, and BYD AutoVancouver, British Columbia--(Newsfile Corp. - June 30, 2022) - NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (\"NEO\" or the \"Company\") is pleased to announce that the Company's South Korean subsidiary, NBM Korea Co., Ltd. (\"NBM Korea\"), has signed an agreement to receive a strategic investment of ₩3 billion KRW, or $3 million CAD, from Automobile & PCB Inc. (\"A&P\") for a 40% stake. The proceeds from the Series A financing will be used to optimize commercialization efforts and to advance the first phase of the Korean silicon anode mass production facility for EV lithium-ion batteries. The investment is scheduled to close by July 1, 2022.Following the announcement of the strategic MOU with A&P on June 8, 2022, NBM Korea has successfully secured a strategic investment and collaboration opportunity after holding positive discussions and qualifying a strict due diligence process. NEO and A&P, along with Yongsan and YSP, will cooperate to commercialize all NBMSiDE™ products and construct the Silicon Anode Commercial Plant. Both parties will actively seek to undertake joint projects and expand their network within the automotive and lithium-ion battery business.The Series A strategic financing allows the shareholders' value of the parent company, NEO Battery Materials Ltd., to be protected without dilution from any issuances of common shares or purchase warrants. ...