Ceylon Provides Update On Filing Annual Financial Statements
August 13 2021 - 4:01PM
Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL)
(OTC: CYLYF) (FSE: CCY) announces that its application for a
management cease trade order ("MCTO"), as previously announced in a
news release dated July 30, 2021, has been accepted by the British
Columbia Securities Commission (the "BCSC"). The MCTO was issued by
the BCSC, effective as of July 30, 2021, in connection with the
delay by the Company in filing its annual financial statements,
management's discussion and analysis and related officer
certifications for the financial year ended March 31, 2021
(collectively, the "Annual Filings"). The completion of the Annual
Filings by the Company and its various Sri Lankan subsidiaries has
been delayed as a result of COVID-19 related interruptions and
business restrictions.
The Company is providing this status update in
accordance with National Policy 12-203 – Management Cease Trade
Orders ("NP 12-203"). The Company intends to follow the provisions
of the Alternative Information Guidelines set out in NP 12-203,
including the issuance of bi-weekly default status reports in the
form of news releases, for as long as the Company remains in
default. The Company confirms as of the date of this news release
that there has been no material change in the information contained
in the default announcement issued July 30, 2021, and there is no
other material information concerning the affairs of the Company
that has not been generally disclosed. The Company anticipates
filing the Annual Filings and remedying its default on or before
September 29, 2021.
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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