NEO Battery Materials (NBM.V) said Friday after trade that it raised C$4 million from a private placement of units.
The company issued 20-million units at C$0.20 each under the listed issuer financing exemption. Each unit consists of a share and a three-year warrant to buy a share at C$0.30.
Proceeds will be used to advance the company's commercial battery manufacturing operations in South Korea.
NEO Battery shares closed unchanged at C$0.17 per share on the Toronto Stock Exchange.