NEO Battery Materials Upsizes Private Placement to $5,5 Million & Appoints Korean Admiral and Major General to Strengthen Defense-Related Capabilities
TORONTO, Sept. 23, 2025 (GLOBE NEWSWIRE) — NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and electronics, is pleased to announce that due to strong demand from institutional and strategic investors, the Company has upsized its previously announced non-brokered private placement (the “Offering”) for aggregate gross proceeds of $4,000,000 to approximately $5,500,000. The upsized Offering will comprise the sale of up to 10,784,313 units (each, a “Unit”) at a price of $0.51 per Unit.
NEO is further pleased to appoint Strategic Defense Advisors – 4-Star Admiral Seung-Sub Shim (Ret.), former Chief of Naval Operations of the Republic of Korea (ROK) Navy, and 2-Star Major General Geun-Young Choi (Ret.), former Commander of Air Defense & Control of the ROK Air Force. Both advisors will proactively provide strategic guidance on military/defense procurement and align NEO’s battery development efforts with advanced defense platforms, including drones, unmanned aerial systems (UAS), unmanned underwater vehicles (UUV), and other mobility applications.
Upsized Non-Brokered Private Placement Offering
Apart from the upsizing of the Offering due to strong institutional and strategic investor demand, all other terms and details of the non-brokered private placement remain consistent with the disclosure provided in the Company’s news release dated September 22, 2025, entitled “NEO Battery Enters into LOI for Operational Battery Component Manufacturing Facility Lease and Announces Non-Brokered Private Placement Offering”.
The Offering is expected to close on or around September 25, 2025. The Company has received conditional acceptance from the TSX Venture Exchange (the “Exchange”), and the Offering is subject to certain customary conditions, including, but not limited to, the receipt all necessary approvals including the final acceptance by the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities law, or an exemption from such registration requirements is available.
Strategic Defense Advisors: Admiral Seung-Sub Shim & Major General Geun-Young Choi, said:
As NEO advances its silicon-enhanced, high-performance battery solutions for defense applications, the appointment of these distinguished leaders provides the Company with access to valuable expertise in the defense sector.
Their combined experience in the military, academia, and diplomacy will enable strategic guidance and key network introductions for engaging defense/military stakeholders and navigating defense procurement processes. Their advisory roles will help ensure that NEO’s high-performance battery solutions meet the stringent requirements of military and defense applications, including extended mission operability, robust safety standards, and high performance durability.
2-Star Major General Geun-Young Choi of the Korean Air Force (Ret.) is a highly decorated fighter pilot and senior officer who has spent 20 years protecting South Korea’s territorial airspace. In addition to operational command, Maj. Gen. Choi held critical positions that have shaped the long-term development of the Korean Air Force, including Air Force strategy, aerospace power structure, and defense procurement. During his tenure, he directly managed new weapons introduction and defense system improvements through cooperation with the Defense Acquisition Program Administration (DAPA), South Korea’s central administrative agency for defense procurement & the introduction/development of military equipment. Maj. Gen. Choi has also served as Commander of the Air Mobility & Reconnaissance, Air Defense & Control, and Air Force Education & Training. Since retiring in 2020, he has further served as a standing auditor for the Military Mutual Aid Association.
4-Star Admiral Seung-Sub Shim of the Korean Navy (Ret.) has served as the Chief of Naval Operations, spending a 35-year illustrious military career overseeing naval strategy, intelligence, and readiness at the highest levels of command. His prior roles included Commander of the ROK First Fleet, Director of Intelligence & Operations of Naval Headquarters, and Director General of Strategic Planning of the Joint Chiefs of Staff (JCS). Following his naval career, Adm. Shim served as the Ambassador of South Korea to Australia where he was appointed to strengthen bilateral military and defense industry cooperation and to expand Korea’s defense equipment and technology exports.
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NEO Battery Materials Upsizes Private Placement to $5,5 Million & Appoints Korean Admiral and Major General to Strengthen Defense-Related Capabilities, source
