Ceylon Graphite Seeks Approval to Extend Warrant Exercise Period
October 01 2021 - 4:20PM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) announces that it intends to seek
approval of the TSX Venture Exchange to extend the exercise period
of an aggregate of 8,000,000 common share purchase warrants (the
“Warrants“). The Warrants were issued to subscribers as part of
Ceylon’s private placement which closed on October 16, 2019.
Subject to the approval of the TSX Venture
Exchange; Ceylon proposes to extend the exercise period of the
Warrants by one year from October 16, 2021 to October 16, 2022.
All other terms and conditions of the Warrants
will remain unchanged.
A portion of the Warrants is held by an insider
of the Corporation. Therefore, the amendment of Warrants
constitutes a “related party transaction” as contemplated by
Multilateral Instrument 61-101 Protection of Minority Shareholders
in Special Transactions, and TSX Venture Policy 5.9 - Protection of
Minority Shareholders in Special Transactions. However, the
exemptions from formal valuation and minority approval requirements
provided for by these guidelines can be relied upon as the fair
market value of the Warrants does not exceeds 25% of the market
capitalization of the Corporation.
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
Officerinfo@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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