Vancouver, British Columbia – April 13, 2022
NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (“NEO” or the “Company”) is pleased to announce that the Company, given its change of focus from battery mineral exploration to battery technology, is proceeding with a “change of business” application with the TSX Venture Exchange (the “Exchange”).
With the planned construction of the Company’s Commercial Plant, that will be capable of producing an initial capacity of 240 tons per year, NEO Battery Materials is on an accelerated timeline to deliver its proprietary silicon anode active materials, NBMSiDE™, to lithium-ion battery manufacturers and electric vehicle OEMs. The Company deems that a change in classification to a Tier 2 Industrial, Technology, or Life Sciences issuer on the Exchange will help serve the Company’s, and its shareholders, best interests in order to facilitate its business activities going forward.
Change of Business
The Company’s transition to the new business will constitute a Change of Business in accordance with Exchange Policy 5.2 Changes of Business and Reverse Takeovers (“Policy 5.2“) as the Company’s prior business was the exploration of minerals. As a result, the transition is subject to Exchange acceptance and will also require approval of the shareholders of the Company. The Company will be providing a comprehensive information circular in regards to the Change of Business for the shareholder meeting at which the Company will be seeking shareholder approval.
Sponsorship of a Change of Business may be required by the Exchange unless exempt in accordance with Exchange policies. The Company intends to apply for an exemption from any sponsorship requirements; however, there is no assurance that it will be able to obtain this exemption.
It is not currently contemplated that there will be any changes to current management or the board of directors of the Company as a result of the proposed Change of Business. As previously announced, the Company is pursuing strategic investments by companies in the lithium-ion battery supply chain for the concurrent financing for the Change of Business. Proceeds from such financing are expected to satisfy the Tier 2 Initial Listing Requirements and will be used for equipment purchases and the construction of the Commercial Plant described above.
Mr. Spencer Huh, President and CEO of NEO, expressed, “NEO Battery Materials is transforming the lithium-ion battery space with our unique silicon anode solution that will both improve the run-time of electric vehicles and decrease the charging time required. As the mass adoption of EVs and clean technology initiatives begin to accelerate, we are executing consistent effort to become an indispensable portion of the battery value chain. To expand and increase the degree of flexibility of our current operations, we deem that a change in classification is essential to maximize shareholders’ value.”
NBMSiDE™ is NEO Battery Materials Ltd.’s flagship silicon anode material for electric vehicle lithium-ion batteries. NBMSiDE™ comes in three variations, P100, P200, and C100, and is manufactured through the Company’s proprietary nanocoating technology. All product lines are based on metallurgical-grade silicon microparticles and retain a high specific capacity of >2,500 mAh/g. Through the Company’s South Korean intellectual property (IP) law firm, NBMSiDE™ is pending trademark approval.
About NEO Battery Materials Ltd.
NEO Battery Materials Ltd. is a Vancouver-based company focused on lithium-ion battery materials for electric vehicle and energy storage applications. NEO has a focus on producing silicon anodes materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The Company intends to become a silicon anode active materials supplier to the electric vehicle industry. For more information, please visit the Company’s website at: https://neobatterymaterials.com/.
On behalf of the Board of Directors
President and CEO
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of technologies which have not yet been tested or proven on a commercial scale, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.