Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Ceylon Graphite closes second tranche of its C$4.5M private placement

% of readers think this story is Fact. Add your two cents.


Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLUF) (FRA:CCY) announced on Thursday that it has issued additional units in connection with closing a second tranche of its private placement to raise an additional C$1.86 million.   

On October 19, Ceylon Graphite unveiled plans to raise up to C$4.5 million through a private placing, to accelerate its commercial operations.

In a statement, the miner said that after completing the first tranche and raising gross proceeds of $2,639,312, it offered an additional 30,163,566 units at a price of $0.0875 per unit for gross proceeds of $2,639,312. The second closing for the balance of the offering is likely to happen around October 28. In aggregate, Ceylon Graphite said it has issued around 51,428,556 units in total to raise the targeted C$4.5 million.

READ: Ceylon Graphite closes first tranche of its private placement as it secures new strategic investor

Each unit is comprised of one share in Ceylon Graphite and one share purchase warrant. Each warrant entitles the holder to one share at an exercise price of $0.15 at any time up until October 28, 2023.

“We are very pleased with the overwhelming interest from sophisticated and strategic investors for this offering. Strategic battery metals are in significant demand globally and our goal is to be the premier producer of high-quality graphite for the energy storage industry,” Ceylon Graphite CEO Bharat Parashar said in a statement.

“The company has made significant progress over the past four years towards this goal. This financing will now allow us to aggressively grow our business through increased production, ramping up sales efforts for long term contracts and the commissioning of a processing unit,” he added.

The company intends to use the net proceeds of the offering to accelerate the commercial production initiated earlier this year at its K1 site, finish development and attain mining licensing approval for its M1 site, advance development of additional sites and for general corporate purposes.

All securities issued are subject to a statutory hold period of four months and ‎one day.

The company, which was established in 2017, is developing graphite mines in historic resource areas of Sri Lanka.

The company holds a total land package of 121 square kilometres, which contains historic vein graphite deposits, as opposed to flake type graphite deposits.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/932750/ceylon-graphite-closes-second-tranche-of-its-c45m-private-placement-932750.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.