05:07 PM EDT, 10/27/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) said Monday it plans to raise up to $5 million through a non-brokered private placement of share units.

The battery maker said it will look to place 9.8-million units, with each priced at $0.51 and made up of a share and a three-year warrant to buy a share for $0.80.

NEO said net proceeds will be used to acquire cylindrical and prismatic battery-manufacturing equipment for its newly expanded 3.2-acre site, as well as for working capital and general corporate purposes.

The securities will be issued to investors outside Canada under an exemption from prospectus requirements and will not be subject to resale restrictions. The offering remains subject to final approval from the TSX Venture Exchange.

NEO's shares closed down $0.05 to $0.60 on the TSX Venture Exchange.