- 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.
