NEO Battery Materials - CEO, Spencer Huh (left) and A&P CEO, Hak Soo Jeon.
CEO, Spencer Huh (left) and A&P CEO, Hak Soo Jeon.
Source: NEO Battery Materials.
  • NEO (NBM) has closed Series A financing for its NBM Korea subsidiary
  • The C$3 million investment was made by Automobile & PCB, a South Korean automotive parts manufacturer
  • The company will use the proceeds to commercialize its silicon anode material and advance its South Korean production facility
  • NEO has also filed a change of business application with the TSXV to become a Tier-2 industrial, technology or life sciences issuer
  • NEO is a Vancouver-based company focused on producing lithium-ion battery materials for electric vehicles
  • NEO Battery Materials (NBM) is unchanged, trading at $0.16 per share

NEO (NBM) has closed Series A financing for its NBM Korea subsidiary.

The C$3 million investment was made by Automobile & PCB (A&P), a South Korean automotive parts manufacturer.

NBM Korea issued 517,657 common shares at a price of ₩ 5,795 per share for aggregate gross proceeds of ₩ 2,999,820,383 KRW.

A&P currently owns 40 per cent of NBM Korea.

NEO will use the proceeds to commercialize its silicon anode material for EV lithium-ion batteries, as well as the development of its South Korean production facility.

The company has also filed a change of business application with the TSXV, which is subject to shareholder approval. It seeks to become a Tier-2 industrial, technology or life sciences issuer.

NEO is a Vancouver-based company focused on producing lithium-ion battery materials for electric vehicles.

NEO Battery Materials (NBM) is unchanged, trading at $0.16 per share as of 11:50 am EST.


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