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Ceylon Graphite Announces $3 Million Private Placement
VANCOUVER, April 06, 2022 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSXV: CYL) (OTCQB: CYLYF) (FSE: CCY) is pleased to announce its
About this update from Ceylon Graphite Corp.
[{"type":"text","content":" VANCOUVER, April 06, 2022 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSXV: CYL) (OTCQB: CYLYF) (FSE: CCY) is pleased to announce its intention to complete a private placement pursuant to which it will issue and sell up to 18,750,000 units of the Company (the “Units”) at a price of $0.16 per Unit (the “Unit Price”) for aggregate gross proceeds of up to $3,000,000 (the “Offering”). Each Unit will consist of one common share (“Share”) of the Company and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to acquire one Share of the Company at a price of $0.25 for a period of 36 months following the closing of the Offering. Ceylon intends to use the net proceeds of the Offering to advance the Corporation’s K1 and M1 mines to commercial production. The Company anticipates achieving this milestone within one year of the closing of the Offering. Ceylon currently has ten mining projects, each of which are also expected to have relatively low development capital expenditures which it also intends to bring into commercial production. The high-grade nature of the high-grade vein mineralization is expected to generate high margins even at the current un-processed graphite price. Ceylon’s under-ground vein graphite, in Sri Lanka, is high grade (+90% Cg), which can directly be shipped for processing into higher value-add material without the need for a mill or a tailings dam. The combination of underground mining and direct shipping ore, places Ceylon in an enviable position to operate with Zero-Carbon Footprint to be able to maintain a leading ESG profile, which is quickly becoming a necessary characteristic to buyers of battery-quality graphite (Original Equipment Manufacturers (OEMs)). Each Unit will consist of one common share (“Share”) of the Company and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to acquire one Share of the Company at a price of $0.25 for a period of 36 months following the closing of the Offering. In connection with the Offering, the Company may pay finders' fees in cash or securities, or a combination of both, as permitted by the policies of the exchange. PowerOne Capital Markets Limited and Primary Capital Inc. (collectively, the “Finders”) will act as finders in connection with the Offering. All secur...