Ceylon Graphite Corp V.CYL

Ceylon Announces Closing Non-Brokered Private Placement

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TORONTO, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp.  (“Ceylon” or “Company”) (TSX-V: CYL) further to the press release filed on SEDAR on December 6, 2019, Ceylon announces that it closed the second tranche of its previously announced non-brokered private placement of units.

On December 6, 2020,  Company issued a total of 2,500,000 units (“Units”) at a price of $0.08 per Unit for aggregate gross proceeds of $200,000, which combined with the first tranche that closed on October 17, 2019, brings the aggregate proceeds to $1,000,000.  

Each Unit is comprised of one (1) Ceylon Common Share and one warrant ("Warrant"), with each Warrant entitling the holder thereof to acquire one (1) Ceylon Common Share at a price of $0.15 per share for a period of two (2) years from the date of Closing, subject to acceleration.

PRESS RELEASE: https://www.globenewswire.com/news-release/2020/01/10/1968936/0/en/Ceylon-Announces-Closing-Non-Brokered-Private-Placement.html