Business
Ceylon Graphite Announces Proposed C$3.5 Million Private Placement of Units
VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) a
About this update from Ceylon Graphite Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces its intention to complete a non-brokered private placement of units (“Units”) at a price of $0.25 per Unit for gross proceeds of up to $3,500,000. Each Unit will be comprised of one common share in the capital of Ceylon Graphite (a “Unit Share”) and one whole warrant (“Warrant”), with each Warrant entitling the holder thereof to acquire one common share in the capital of Ceylon Graphite (“Warrant Share”) at a price of $0.30 per share for a period of two years from the date of issuance (collectively, the “Offering”). Closing of the Offering is subject to the approval of the TSX Venture Exchange and is anticipated to occur on or before January 31, 2020, or such other date as the Company may determine. To date the company has received subscriptions for 10,000,000 shares amounting to $2,500,000. “We are grateful for such strong investor support,” says Bharat Parashar, Chairman and Chief Executive Officer. “These funds will accelerate our production at K1 and will be enough to complete work at the M1 site.” About Ceylon Graphite Corp. Ceylon Graphite, is a public company listed on the TSX Venture Exchange (CYL:TSX-V), 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 it’s 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 [email protected] Communications (604) 559-8051 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 manageme...