04:18 PM EDT, 07/18/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) on Friday closed the second and final tranche of the oversubscribed, non-brokered private placement that raised $0.7 million.

The company placed 1.4-million units 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 be allocated towards 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 closed down $0.02 to $0.49 on the TSX Venture Exchange.