Ceylon Graphite Corp. Late Filing of Financial Statements and Management Cease Trade Order
July 30 2021 - 5:10PM
Ceylon Graphite Corp. (“
Ceylon” or the
“
Company”)
(TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY)
announces that it has encountered delays in completing its audited
financial statements for the year ended March 31, 2021 because
Ceylon and its various Sri Lankan subsidiaries all share a fiscal
year ending March 31, 2021 and these entities have encountered
COVID-19 related delays in preparing their respective financial
statements. As a result, the Company has applied for, and has been
granted, a Management Cease Trade Order (“
MCTO”)
by the British Columbia Securities Commission. Because of the
delays, the Company will file its annual audited financial
statements, management’s discussion and analysis, and CEO and CFO
certificates (collectively, the “
2021 Annual Financial
Statements”) after the filing deadline of July 29, 2021 as
prescribed by National Instrument 51-102 – Continuous Disclosure
Obligations (“
NI 51-102”).
The Company currently expects to file the 2021
Annual Financial Statements on or before September 29, 2021 and
will issue a news release announcing completion of such filings at
such time. Until then, the Company intends to comply with the
provisions of the alternative information guidelines as set out in
National Policy 12-203 – Management Cease Trade Orders for as long
as it remains in default, including the issuance of bi-weekly
default status reports, each of which will be issued in the form of
a news release.
During the MCTO, the general investing public
will continue to be able to trade in the Company’s listed common
shares; however, the Company’s Chief Executive Officer, Chief
Financial Officer and such other directors, officers and persons as
determined by the applicable regulatory authorities, will not be
able to trade the Company’s shares.
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
1 604-765-8657
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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