TORONTO, Jan. 29, 2024 (GLOBE NEWSWIRE) -- ( T S X V : NBM ) ( OTCQB: NBMFF ) NEO Battery Materials Ltd. (" NEO " or the " C o mpan y "), 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.