Ceylon Graphite Delayed in Completion of Annual Filings
02 Août 2023 - 4:00AM
Ceylon Graphite Corp. ("Ceylon" or the “Company”) (TSX-V: CYL)
(OTC: CYLYF) (FSE: CCY) announces today that it was not in a
position to file its audited financial statements, CEO and CFO
certifications, and management discussion and analysis (the “Annual
Filings”) for the year ended March 31, 2023 on or before July 31,
2023. The Company currently anticipates being able to file the
Annual Filings on or before August 14, 2023.
The Company has been late in the preparation of
the Annual Filings due to a combination of factors including an
unanticipated need for further information from the Company’s
subsidiary to complete the Company’s annual audit. The Company is
working diligently with its auditor, Manning Elliott LLP, to
complete the audit and does not expect to experience delays with
future filings.
As a result of the delay, the Company has
voluntarily applied for a management cease trade order, which
prohibits certain current directors, officers and insiders of the
Company from trading in securities of the Company for so long as
the Annual Filings are not filed. The issuance of such management
cease trade order generally does not affect the ability of the
general investing public to trade in the securities of the Company.
The Company intends to provide updates in accordance with National
Policy 12-203 – Management Cease Trade Orders with respect to
further developments in respect of this matter promptly following
their occurrence.
About Ceylon Graphite Corp.
Ceylon is a public company listed on the TSX
Venture Exchange, that is in the business of mining for graphite,
and developing and commercializing innovative graphene and graphite
applications and products. Graphite mined in Sri Lanka is known to
be some of the highest grade in the world and has been confirmed to
be suitable to be easily upgradable for a range of applications
including the high-growth electric vehicle and battery storage
markets as well as construction, healthcare and paints and coatings
sectors. The Government of Sri Lanka has granted Ceylon’s wholly
owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A
license for its K1 mine 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.
Further information regarding Ceylon is
available at www.ceylongraphite.com
Sasha Jacob, Chief Executive Officer and Rita Thiel, Chair of
the Board of Directors
info@ceylongraphite.com
Corporate Communications
+1(604) 924-8695
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking
information as such term is defined in applicable securities laws,
which relate to future events or future performance and reflect
management's current expectations and assumptions. The
forward-looking information includes the Company’s business goals,
the expected date of filing of the Annual Filings, the prospect of
commercialization of graphite and graphene applications and
products, Ceylon’s role as a potential market leader, expectations
related to development of Ceylon’s properties, strategic
partnerships and plans for Ceylon’s subsidiaries and Ceylon’s
mining operations. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by
and information currently available to Ceylon, including the
assumption that will be no material adverse changes effecting
development and production at the K1 mine or on other properties,
there will be no material adverse change in graphite and metal
prices, there will be continued demand for graphite powered
batteries, all necessary consents, licenses, permits and approvals
will be obtained, including various Local Government Licenses, and
all information required to complete the Company’s audit will be
obtained by the Company and its auditors in a timely manner.
Investors are cautioned that these forward-looking statements are
neither promises nor guarantees and are subject to risks and
uncertainties that may cause future results to differ materially
from those expected. Risk factors that could cause actual results
to differ materially from the results expressed or implied by the
forward-looking information include, among other things, failure to
obtain all information required to complete the Company’s audit,
failure of the Company’s auditor to complete its audit of the
Company before the expected date of filing, failure to obtain or
maintain patents and proprietary technology, loss or failure to
acquire available high quality graphite, any failures to obtain or
delays in obtaining required regulatory licenses, permits,
approvals and consents, an inability to access financing as needed,
a general economic downturn, a volatile stock price, labour
strikes, political unrest, changes in the mining regulatory regime
governing Ceylon, a failure to comply with environmental
regulations and a weakening of market and industry reliance on high
quality graphite. Ceylon cautions the reader that the above list of
risk factors is not exhaustive.
Ceylon Graphite (TSXV:CYL)
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