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NEO Battery Materials Upsizes Private Placement to $5.5 Million & Appoints Korean Admiral and Major General to Strengthen Defense-Related Capabilities
TORONTO, Sept. 23, 2025 (GLOBE NEWSWIRE) -- NEO Battery Materials Ltd. (“NEO” or th...
About this update from Neo Battery Materials Ltd
[{"type":"text","content":"NEO Battery Materials Upsizes Private Placement to $5.5 Million & Appoints Korean Admiral and Major General to Strengthen Defense-Related Capabilities\n\n\n\n TORONTO, Sept. 23, 2025 (GLOBE NEWSWIRE) -- NEO Battery Materials Ltd. (“NEO” or the “Company”) (\n \n T\n \n\n S\n \n\n X\n \n\n V\n \n\n :\n \n\n NBM\n \n ) (\n \n OTC: NBMFF\n \n ), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and electronics, is pleased to announce that due to strong demand from institutional and strategic investors, the Company has upsized its previously announced non-brokered private placement (the “\n \n Offering\n \n ”) for aggregate gross proceeds of $4,000,000 to approximately $5,500,000. The upsized Offering will comprise the sale of up to 10,784,313 units (each, a “\n \n Unit\n \n ”) at a price of $0.51 per Unit.\n \n\n NEO is further pleased to appoint Strategic Defense Advisors – 4-Star Admiral Seung-Sub Shim (Ret.), former Chief of Naval Operations of the Republic of Korea (ROK) Navy, and 2-Star Major General Geun-Young Choi (Ret.), former Commander of Air Defense & Control of the ROK Air Force. Both advisors will proactively provide strategic guidance on military/defense procurement and align NEO’s battery development efforts with advanced defense platforms, including drones, unmanned aerial systems (UAS), unmanned underwater vehicles (UUV), and other mobility applications.\n \n\n\n Upsized Non-Brokered Private Placement Offering\n \n\n\n Apart from the upsizing of the Offering due to strong institutional and strategic investor demand, all other terms and details of the non-brokered private placement remain consistent with the disclosure provided in the Company’s news release dated September 22, 2025, entitled “\n \n NEO Battery Enters into LOI for Operational Battery Component Manufacturing Facility Lease and Announces Non-Brokered Private Placement Offering\n \n ”.\n \n\n The Offering is expected to close on or around September 25, 2025. The Company has received conditional acceptance from the TSX Venture Exchange (the “\n \n Exchange\n \n ”), and the Offering is subject to certain customary conditions, including, but not limited to, the receipt all neces...