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.”
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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.
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