Ceylon Graphite Announces Senior Management Changes as CEO and Chairman, Bharat Parashar Retires and Donald K. Baxter Takes O...
June 02 2021 - 7:15AM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) today announced that Bharat Parashar
has decided to retire as Chief Executive Officer and Chairman of
the Board of Directors of the Company.
The Board of Directors would like to thank Bharat for his
dedicated leadership and achievements in setting up Ceylon’s mining
operations in Sri Lanka, and setting the Company on a path to
supply key materials and technologies to meet the demands ofthe
current lithium ion battery storage and EV revolution. Bharat will
continue to advise the incoming CEO to ensure an orderly
transition.
Donald Baxter, P.Eng. will step up from current role as Director
to assume the Chief Executive role. Don is one of the premier
graphite experts outside of China, having built one of only two
producing graphite mines in North America. He has also been
responsible for rapidly advancing the development of value-added
graphite products, namely coated spherical purified graphite for
the lithium-ion battery sector.
“I am excited to have this opportunity to step into the CEO role
of Ceylon and continue to advance the Company, as the critical
supply chains for lithium ion batteries evolve and the need is
recognized to build processing capacity outside of China, as well
as provide a secure high grade low cost graphite supply,” Said Don
Baxter, CEO. “The urgency of this has grown over the past year, and
the move to secure materials which are critical to make enough
batteries to supply almost every OEM, has accelerated significantly
beyond earlier estimates.”
Ceylon announced earlier this year:
- Resumption of commercial production at its K1 mine in Sri
Lanka
- The hiring of Dr. Siva Bohm as Chief Technology Officer for the
company. Dr. Bohm recently was the head of product development at
Talga Resources
- Advancement from exploration license to application for
commercial production at its M1 site
- The development and release of the company’s commitment to
Environmental, Sustainability and Governance (ESG) goals
- Accelerated assay drilling on its H1 site to support a future
resource development and licensing
- Patent filing for a Biocidal Nanocomposite to be used as a
multi purpose biocidal coating multiple material
- The signing of an MOU for an exclusive global licence with
Cambridge Advanced Materials Innovation (“CAMI”) Consultancy Ltd, a
company incorporated and registered in England relating to certain
technology, know-how and related intellectual property (the “CAMI
Technology”) specific to innovative graphite and graphene
applications
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,
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.
Don Baxter, Chief Executive Officer
info@ceylongraphite.com
Corporate Communications
+1(705)787-5942
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.
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