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Ceylon Graphite Announces Approval of Amended and Restated Agreement For Acquisition of Sarcon Development
Vancouver, March 07, 2023 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced th
About this update from Ceylon Graphite Corp.
[{"type":"text","content":" Vancouver, March 07, 2023 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced that it has received approval from the TSX Venture Exchange (the “TSXV”) for the amended and restated agreement dated February 4, 2023, as amended on February 26, 2023 (the “Restated Agreement”) with a private vendor (the “Vendor”) based in Sri Lanka to amend and restate the terms of a purchase agreement dated September 12, 2012, as amended (the “Initial Agreement”), whereby the Company’s wholly owned subsidiary incorporated in Curacao, Plumbago Refining Corp BV (“Plumbago”), acquired Sarcon Development Pvt Ltd. (“Sarcon”). Sarcon holds 116 high-grade graphite grids in the country of Sri Lanka, which grids represent the Company’s primary focus for exploration and development. Under the Restated Agreement a cash payment of US$250,000 and a total amount of common shares of the Company equal to US$1,625,000 shall be issued to the Vendor upon meeting certain milestones as described in Restated Agreement. For further details please see the press release of the Company dated February 7, 2023. Completion of the transactions contemplated by the Restated Agreement are subject to the satisfaction of customary conditions as described in the Restated Agreement. About Ceylon Graphite Corp. Ceylon Graphite is a public company listed on the TSXV, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A license for its K1 mine 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. Further information regarding the Company is available at www.ceylongraphite.com Sasha Jacob, ...