Neo Battery increases financing, appoints advisers

Executive Summary

• Neo Battery Materials upsized its previously announced non-brokered private placement from $4 million to approximately $5.5 million due to strong institutional and strategic investor demand.
• The company appointed two retired high-ranking Korean military officials, Admiral Seung-Sub Shim and Major-General Geun-Young Choi, as strategic defense advisers to guide military procurement and align battery development with defense platforms.
• The offering is expected to close on or around September 25, 2025, subject to customary conditions and final TSX-V acceptance.

Key Details

• Financing Structure: Non-brokered private placement upsized to aggregate gross proceeds of approximately $5.5 million.
• Units Offered: Up to 10,784,313 units.
• Price Per Unit: 51 cents CAD.
• Closing Date: Expected on or around September 25, 2025.
• Regulatory Status: Received conditional acceptance from the TSX Venture Exchange; subject to customary conditions including final acceptance by the TSX-V.
• Strategic Appointments:
  • Admiral Seung-Sub Shim (Retired): Four-star Admiral, former Chief of Naval Operations of the Republic of Korea (ROK) Navy. Provides guidance on military/defence procurement and aligns battery development with drones, UAS, UUVs, and mobility applications.
  • Major-General Geun-Young Choi (Retired): Two-star Major-General, former Commander of Air Defence and Control of the ROK Air Force. Provides expertise in defense procurement, strategy, and aerospace power structure.
• Strategic Focus: The advisers will help ensure Neo's silicon-enhanced, high-performance battery solutions meet stringent military requirements, including extended mission operability, robust safety standards, and high-performance durability.
• Previous Disclosure Context: Terms remain consistent with the news release dated September 22, 2025, regarding the LOI for an operational battery component manufacturing facility lease.

Notable Quotes

• "Neo is further pleased to appoint strategic defence advisers -- four-star Admiral Seung-Sub Shim (retired)... and two-star Major-General Geun-Young Choi (retired)... Both advisers will pro-actively provide strategic guidance on military/defence procurement and align Neo's battery development efforts with advanced defence platforms, including drones, unmanned aerial systems (UAS), unmanned underwater vehicles (UUV) and other mobility applications."