02:02 PM EDT, 06/17/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) Tuesday said it closed the initial tranche of a private placement of share units, raising $0.2 million.

The company said it placed 0.4-million units in the tranche, with each priced at $0.50 and made up of a share and a two-year warrant to buy a second share for $0.75.

Proceeds will go to scaling-up silicon battery research and development and production for large-scale battery manufacturing and testing, purchases of key manufacturing equipment and working capital and general corporate overhead.

The company's shares were last seen down $0.025 to $0.41 on the TSX Venture Exchange.

Price: 0.41, Change: -0.03, Percent Change: -5.75