NBMFF - NEO Battery Materials Increases Share Ownership of South Korean Subsidiary – NBM Korea Co. | Benzinga
TORONTO, Jan. 29, 2024 (GLOBE NEWSWIRE) -- (TSXV: NBM) (OTCQB:NBMFF)
NEO Battery Materials Ltd. ("NEO" or the "Company"), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, announces that the Company has increased its ownership of the South Korean subsidiary, NEO Battery Materials Korea Co., Ltd. ("NBM Korea"), through a Share Purchase Agreement (the "Agreement") with Automobile & PCB Inc ("A&P").
NEO acquired 258,829 Common Shares of NBM Korea from A&P for an aggregate purchase price of $1,708,707 CAD (the "Transaction"). Preceding the Transaction, the Company directly held 776,487 Common Shares of NBM Korea, representing 60% of the issued and outstanding shares of NBM Korea, and following the closing, NEO now directly holds 1,035,316 Common Shares, representing 80% of the issued and outstanding shares of NBM Korea. The Transaction has closed on January 29, 2024.
Considering recent technological advancements and breakthroughs at the R&D Scale-Up Centre in South Korea, the Board of Directors has unanimously resolved that acquiring the Common Shares of NBM Korea was mandatory to serve the Company's best interests. Greater ...