NEO Battery Materials Receives TSXV Conditional Approval for Proposed Change of Classification into an Industrial, Technology, or Life Sciences Issuer
November 23 2022 - 9:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Received TSXV
Conditional Approval for Proposed Change of Business into
Industrial, Technology, or Life Sciences Tier 2 Issuer
- Will Require
TSXV Review and Approval, Shareholders’ Approval, and Additional
Conditions Met for Completion of Change of Business
- Annual General
and Special Meeting to Be Announced in Subsequent News Release
NEO Battery Materials Ltd.
(“NEO” or the
“Company”)
is pleased to announce that the Company has received conditional
approval from the TSX Venture Exchange (the
“Exchange”) for the proposed Change of Business
(“COB”) into an Industrial, Technology, or Life
Sciences Tier 2 Issuer.
NEO Battery Materials is currently on track to
commercialize its proprietary silicon anode active materials,
NBMSiDE™, with the development of the commercial plant facility in
Oseong Industrial Complex, South Korea. The reclassification into
an industrial and technology issuer will allow the Company to
strategically pursue integration into the lithium-ion battery
supply chain, delivering enhanced value to battery manufacturers
and EV OEMs.
Mr. Spencer Huh, President and CEO of NEO,
commented, “Following the monthslong due diligence with the
Exchange regarding our silicon anode commercialization plan, we are
glad to announce the Listings Committee’s conditional approval of
the COB process. Being positioned as a technology issuer, this
strategic alignment will help to tighten the feedback loop for
optimization and to proceed further with the Commercial Plant’s
detailed design and construction.”
TSXV Conditional Approval
DetailsThe reclassification into an Industrial,
Technology, or Life Sciences Tier 2 Issuer will constitute as a
Change of Business in accordance with Exchange Policy 5.2 Changes
of Business and Reverse Takeovers (“Policy 5.2”).
The completion of the COB is subject to the Exchange review and
approval, shareholder approval, and other necessary conditions for
final approval. The Company has also received a waiver from the
requirement to engage with a sponsor, and no changes will be made
to current management or the board of directors as a result of the
COB.
In a subsequent news release, NEO Battery
Materials will provide a date for the shareholders’ meeting. The
Company will be providing a comprehensive information circular in
regard to the COB for the Annual General and Special Meeting at
which NEO will be seeking shareholder 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 CEO604-355-6463shuh@neobatterymaterials.com
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.
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