03:46:37 EDT Wed 20 Mar 2019
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Ceylon Graphite Corp
Symbol C : CYL
Shares Issued 54,766,181
Close 2018-04-16 C$ 0.18
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Ceylon arranges $2-million private placement

2018-04-16 14:42 ET - News Release

Mr. Bharat Parashar reports


Ceylon Graphite Corp. has arranged a non-brokered private placement offering of units at a purchase price of $1 per unit for aggregate gross proceeds of $2-million. Each unit comprises $1 in principal amount of convertible debentures and two common share purchase warrants. Each convertible debenture shall be unsecured, bear interest at the rate of 6 per cent per year, calculated and payable three years from the date of closing. The principal amount of the convertible debentures will be convertible at the holder's option into fully paid common shares in the capital of the company at any time prior to maturity at a conversion price of 25 cents per share; however, such conversion shall occur in minimum tranches of $50,000. Each warrant shall entitle the holder to purchase one common share in the capital of the company at a price of 25 cents per share for a period of three years from the date of closing, subject to acceleration in the event that the volume weighted average trading price of the company's common shares on the TSX Venture Exchange (or such other exchange or quotation system) is greater than or equal to 50 cents for a period of 20 consecutive days.

All of the securities issued in connection with the proposed offering are subject to a hold period of four months and one day.

Jacob Securities Holdings Inc., a company controlled by Sasha Jacob, and current control person of the company, has agreed to subscribe to up to $1-million worth of units in the offering.

Ceylon Graphite will use the net proceeds of the offering to continue its current exploration program and for working capital purposes. The offering is subject to certain conditions including normal regulatory approvals (the approval of the TSX-V). The closing date of the offering is anticipated to occur on or about April 30, 2018.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX-V that is in the business of exploring for and development of graphite in Sri Lanka. The government of Sri Lanka has granted the company exploration rights in a land package of over 120 square kilometres. These exploration grids (each a square kilometre in area) cover areas of historic graphite production from the early 20th century, and represent a majority of the known graphite occurrences in Sri Lanka. Sri Lankan graphite is known to be some of the purest in the world, and currently accounts for less than 1 per cent of the world's graphite production.

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