Ceylon Updates Private Placement
October 02 2020 - 3:33PM
Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) announces that pursuant to its press
release of August 6, 2020, it has been granted a further extension
to close its proposed private placement by the TSX Venture
Exchange. The small delay is necessitated by certain measures
instituted in the domicile of our investors in response to COVID-19
and other health related issues. Mr. Paul Selvam Devadoss, a lead
investor said, “Our Consortium is very committed to completing this
investment as soon as possible under the agreements that we have
signed with the company. The delay is unfortunate but has been
beyond our control.”
Further to its press release of August 6, 2020,
the Company intends to raise gross proceeds of up to C$8,100,000 or
US$6,000,000 (US$1= C$1.35) from a consortium of four international
investors (the “Offering”) through the issuance of an aggregate of
90,000,000 units (the “Units”). Each Unit will be comprised of one
common share in the capital structure of Ceylon Graphite (a “Unit
Share”) and 0.3073 of a common share purchase warrant (“Warrant”).
Each whole Warrant will entitle the holder thereof to acquire one
common share in the capital of Ceylon Graphite (“Warrant Share”) at
any time up to three years from the date of issuance at an exercise
price of $0.15. The Warrants shall only be exercisable in the event
that the currently issued and outstanding warrants, options and/or
convertible debentures are exercised or converted into common
shares.
For additional information pertaining to the
private placement, please refer to the Company’s press release of
August 6, 2020.
About Ceylon Graphite Corp.
Ceylon Graphite, is a public company listed on
the TSX Venture Exchange, that is in the business of mining for
graphite, plus the exploration for and development of graphite
mines in Sri Lanka. The Government of Sri Lanka has granted the
Company an IML Category A license for its K1 site and exploration
rights in a land package of over 120km². These exploration grids
(each one square kilometer in area) cover areas of historic
graphite production from the early twentieth century and represent
a majority of the known graphite occurrences in Sri Lanka. Graphite
mined in Sri Lanka is known to be some of the purest in the world,
and currently accounts for less than 1% of the world graphite
production.
Further information regarding the Company is
available at www.ceylongraphite.com
Bharat Parashar, Chairman and & Chief
Executive Officerinfo@ceylongraphite.comCorporate
Communications+1(202)352-6022
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking
information as such term is defined in applicable securities laws,
which relate to future events or future performance and reflect
management's current expectations and assumptions. The
forward-looking information includes statements about Ceylon
Graphite’s grids, Ceylon Graphite’s plans to undertake additional
drilling and to develop a mine plan, and to commence establishing
mining operations. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by
and information currently available to Ceylon Graphite, including
the assumption that, there will be no material adverse change in
metal prices, all necessary consents, licenses, permits and
approvals will be obtained, including various Local Government
Licenses and the market. Investors are cautioned that these
forward-looking statements are neither promises nor guarantees and
are subject to risks and uncertainties that may cause future
results to differ materially from those expected. Risk factors that
could cause actual results to differ materially from the results
expressed or implied by the forward-looking information include,
among other things, an inability to reach a final acquisition
agreement, inaccurate results from the drilling exercises, a
failure to obtain or delays in obtaining the required regulatory
licenses, permits, approvals and consents, an inability to access
financing as needed, a general economic downturn, a volatile stock
price, labour strikes, political unrest, changes in the mining
regulatory regime governing Ceylon Graphite, a failure to comply
with environmental regulations and a weakening of market and
industry reliance on high quality graphite. Ceylon Graphite
cautions the reader that the above list of risk factors is not
exhaustive.
These forward-looking statements are made as of
the date hereof and, except as required under applicable securities
legislation, Ceylon Graphite does not assume any obligation to
update or revise them to reflect new events or circumstances. All
of the forward-looking statements made in this press release are
qualified by these cautionary statements and by those made in our
filings with SEDAR in Canada (available at www.sedar.com)
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