Vancouver, British Columbia– August ●, 2020 – 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 an extension to close its proposed private placement by the TSX Venture Exchange. The extension was granted to permit Ceylon Graphite to obtain the requisite disinterested shareholder approval.
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 Officer