NEO Battery Materials Announces Proposed Change of Industry Classification on TSX Venture Exchange to Industrial, Technology, or Life Sciences Issuer
April 13 2022 - 8:10PM
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.”
About NBMSiDE™
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 DirectorsSpencer
HuhPresident and CEO604-697-2408shuh@neobatterymaterials.com
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.
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