News Out: Ceylon Graphite Announces New Equity Offering VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces its intention to complete a private placement pursuant to which it will issue and sell up to 51,428,566 units of the Company (the “Units”) at a price of $0.0875 per Unit (the “Offering Price”) for aggregate gross proceeds of up to approximately $4,500,000 (the “Offering”). Each Unit will be comprised of one common share in the capital of Ceylon Graphite (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to acquire one common share in the capital of Ceylon Graphite (“Warrant Share”) at any time up to three years from the date of issuance at an exercise price of $0.15. The closing is also conditional on the receipt of the approval of the TSX Venture Exchange and is anticipated to occur on or about October 22, 2020, or such other date as the Company may determine.
The previous offering announced by the Company in its press releases of August 6, August 26 and October 2, 2020 has lapsed as the prospective investors informed the Company that they would be unable to complete the placement by the extension date granted by the TSX Venture Exchange.
“The company looks forward to the successful close of this financing and is excited to accelerate its commercial operations upon receipt of the new financing,” said Bharat Parashar, Chairman and Chief Executive Officer.
LINK: https://finance.yahoo.com/news/ceylon-graphite-announces-equity-offering-113000814.html