NEO Battery Materials Ltd. has signed a Letter of Intent with a South Korean battery company to lease a manufacturing facility for high-performance battery production. The facility has been operational for two years, focusing on battery electrodes for automotive OEMs and global battery cell manufacturers. NEO plans to produce customized batteries for drones, UAVs, robotics, electronics, and energy storage using their proprietary silicon battery materials. To fund this initiative, the company is offering a non-brokered private placement of up to approximately $4 million CAD. The net proceeds will be used for battery component equipment, silicon battery material development, and general corporate expenses. The Offering is available to purchasers outside of Canada and is subject to final acceptance by the TSXV.

Read more at GlobeNewswire: NEO Battery Enters into LOI for Operational Battery