NetworkNewsBreaks – Ceylon Graphite Corp. (TSX.V: CYL) (OTC: CYLYF) (FSE: CCY) Planning Private Placement of Units to International Consortium
Aug 7, 2020
Ceylon Graphite (TSX.V: CYL) (OTC: CYLYF) (FSE: CCY), a graphite mining company, plans to complete a nonbrokered private placement of units to a consortium of four international investors; the private placement could reach gross proceeds of up to $6,000,000. According to the announcement, once the offering is complete, the consortium will own approximately 55% of the issued and outstanding shares of the company, with no one subscriber holding more than 15% of the issued and outstanding shares. In addition, the company announced the appointment of Paul Selvam Devadoss and Anuka B.A Soza to its Board of Directors. “In these very turbulent and uncertain times with the COVID-19 pandemic and our previously devolved offering, we are pleased that the international investor community continues to view Ceylon Graphite as an attractive investment opportunity,” said Ceylon Graphite chairman and CEO Bharat Parashar in the press release. “These funds put the company in a very strong cash position for the foreseeable future and will primarily be used for the development of our mining assets in Sri Lanka. In addition to accelerating our production at K1 and completing development work at the M1 site, we will be commissioning new mining sites to ramp up our production substantially.”
To view the full press release, visit http://nnw.fm/uhqz0
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, plus the exploration for and development of graphite mines in Sri Lanka. The Government of Sri Lanka has granted the company an IML Category A license for it’s K1 site 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. Graphite mined in Sri Lanka is known to be some of the purest in the world, and currently accounts for less than 1% of the world graphite production. For more information, visit the company’s website at www.ceylongraphite.com.
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]
NetworkNewsWire is part of the InvestorBrandNetwork
More News
Burnham says public body will invest in electricity grid
The prime minister said he wants to reduce energy costs in his first conference speech as Labour leader.
Trump Administration Prepares to Ask Tax Filers if They Are U.S. Citizens
The new question, included on a draft version of the primary tax form, comes as part of an anti-immigrant turn at an agency that long prioritized tax administration.
Sunkist Fruit Gems, Bar Mitzvah Staple, Get 2nd Chance After Discontinuation
The company said that Candyrific of Louisville, Ky., will produce the jelly candy that comes in a rainbow of colors and citrus flavors and is used in Jewish traditions.
US ban on Canadian alcohol and dairy takes effect as trade war drags on
It is the latest escalation in the Canada-US trade war after negotiations collapsed in late August, with no word on when talks may resume.
What’s In Anthropic’s I.P.O. Filing
The artificial intelligence giant reportedly believes that it’s on track for a record-breaking stock market listing, according to a prospectus seen by Reuters.
More free nursery hours proposed in budget
The government releases its proposed budget with "targeted measures" to help families.
Why Won’t My Co-Workers Acknowledge My Birthday?
Plus: What to do when your boss is nit-picking your work.
Why Won’t My Co-Workers Acknowledge My Birthday?
Plus: What to do when your boss is nit-picking your work.
Warning more homes will be uninsurable due to flood risk
Aviva boss Amanda Blanc said England was "for sure" building homes that might be uninsurable at some point in the future.
OpenAI scraps rollout of new model over safety concerns
The firm also issued an update on incidents in which its models accessed Australian government systems.
UK tries to stop Trump's diesel export ban
John Healey said the government is in talks with the US over Donald Trump's threat to stop exports.
I paid £30,000 for an 'influencer' degree. Here's why
Content creation degrees aim to help people make money from social media, but are they worth the money?
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.