- Oops!Something went wrong.Please try again later.
VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- 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. The 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 electric vehicle lithium-ion battery materials. NEO has a focus on producing silicon anode 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://www.neobatterymaterials.com/.
On behalf of the Board of Directors
President and CEO
This news release contains statements about the Company’s expectations regarding the completion of the Change of Business and related matters that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to complete the Change of Business and related matters for any reason whatsoever, including failure to obtain Exchange acceptance or shareholder approval therefor. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any “U.S Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “1933 Act”)) of any equity or other securities of the Corporation. The securities of the Corporation have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
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.