04:43 PM EDT, 10/28/2024 (MT Newswires) -- NEO Battery Materials ( NBMFF ) after trade Monday said it closed a private placement of share units that raised $0.8 million.

The company said it placed two-million units in the financing, with each priced at $0.40 and made up of a share and one half of a two-year warrant to buy a second share for $0.75.

of 2 million units of the company at the price of $0.40 per Unit for gross proceeds of $800,000.

NEO intends to use the proceeds from this financing for research and development activities of the company's silicon anode technology and general working capital purposes.

The company's share closed down $0.015 to $0.455 on the TSX Venture Exchange.