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NEO Battery Materials to Raise C$4 Million Through LIFE Offering of Units

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NEO Battery Materials (NBM.V) said Friday after trade it is seeking C$4 million from a private placement offering of units, instead of the previously announced C$6 million.

The company will now issue 20-million units at a reduced price of C$0.20 each (down from C$0.24), under a listed issuer financing exemption (LIFE). Each unit will consist of one share and one three-year warrant to buy a share for C$0.30.

Proceeds will be used to advance NEO's battery manufacturing operations in South Korea.

NEO Battery shares closed down C$0.015 to C$0.19 on the TSX Venture Exchange.

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