Ceylon Graphite Announces Debt Conversion
June 25 2021 - 4:15PM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce that it has
negotiated a debt conversion agreement (the “Debt Agreements”) with
Bharat Parashar, the former Chief Executive Officer and Chairman of
Ceylon. As disclosed in the Corporation’s press release dated June
2, 2021. Mr. Parashar retired as Ceylon’s Chief Executive Officer
and as Chairman. Pursuant to the terms of the Debt Agreements the
Corporation has agreed to issue an aggregate of 1,500,000 common
shares (“Debt Shares”) to Mr. Parashar in exchange for the
cancellation of $300,000 (the “Debt”) in debt owing to the Mr,
Bharat. The Debt Shares are being issued at a deemed price of $0.20
per share.
The Debt is comprised of $100,000 in unpaid,
accrued management fees over a period of four (4) years pertaining
to managing the affairs of Ceylon’s various subsidiaries and
$200,000 as a retirement payment to Mr. Parashar.
Celyon CEO Don Baxter Stated, “On behalf of the
Board and Staff of Ceylon and our subsiduary Companies in Sri
Lanka, we wish Bharat the best in retirement and thank him for his
years of service in building the Company.”
The issuance of the Debt Shares are subject to
the approval of the TSX Venture Exchange. All securities issued
pursuant to the debt conversion are subject to a statutory four (4)
month hold period.
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 Sarton 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
1 604-765-8657
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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