11:25 AM EDT, 10/28/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) Tuesday closed the order book on its previously announced non-brokered private placement for proceeds of about $5 million.

The offering consisted of the issuance of 9.8-million units at $0.51 apiece. Closing of the offering is expected to occur by or around the end of the week of October 27, or a later date.

Each unit consists of one common share and one non-transferable three-year purchase warrant, and each whole warrant will be exercisable to buy a share for $0.80.

Proceeds are expected to be used for procuring cylindrical and prismatic-format battery manufacturing equipment and other relevant installations for the recently announced 3.2-acre expansion site, and working capital and general corporate needs.

Shares of the company were last seen up 1.7% at $0.61 on the TSX Venture Exchange.

Price: 0.61, Change: +0.01, Percent Change: +1.67