Ceylon Graphite extends 10.5M warrants by one year

Oct 15, 2021

2021-10-14 16:58 ET – News Release


Mr. Don Baxter reports


Ceylon Graphite Corp. has sought the approval of the TSX Venture Exchange to extend the exercise period of an aggregate of 10.5 million common share purchase warrants. The Warrants were issued to subscribers as part of Ceylon’s multi-tranche private placement which closed on October 16, 2019 and December 6, 2019, respectively.

Approval from the TSX Venture Exchange is subject to the issuance of this press release. Upon acceptance, the exercise period of the Warrants will be extended by one year from October 16, 2021 to October 16, 2022 and December 6, 2021 to December 6, 2022, respectively.

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 exceed 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.

We seek Safe Harbor.


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