Ceylon Graphite Announces Warrant Exercise Incentive Program
In This Article:
VANCOUVER, British Columbia, June 14, 2024 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces today that it intends to amend the terms of 7,222,222 outstanding common share purchase warrants (the “Warrants”) due to expire on October 26, 2024 pursuant to a proposed warrant incentive program (the “Program”). The Warrants were issued in connection with a private placement of convertible debentures that closed on October 26, 2023, and are currently exercisable at $0.06 per common share.
The Program will commence on the date of TSX Venture Exchange (“TSXV”) approval and will expire 30 days from the date of such approval at 4:00 p.m. (Vancouver time). For the duration of the Program, the exercise price of the Warrants will be amended to $0.05 per common share. If a Warrant is exercised during the term of the Program, the holder of such Warrant will receive for each Warrant exercised, at no additional cost, one common share purchase warrant (the “Incentive Warrant”), which Incentive Warrant will have an exercise price of $0.06 per common share and expire one year from the date of issuance. The Incentive Warrants will be subject to a four-month and one day hold period from their date of issuance. The proceeds from any Incentive Warrant exercised will be used to advance the Company’s graphite projects and for general working capital.
All Warrants which have not been exercised by the expiry of the Program will revert to their previous exercise price of $0.06 per common share. The Program is designed to encourage the early exercise of the Warrants. The Program remains subject to the approval of the TSXV.
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.
Further information regarding Ceylon is available at www.ceylongraphite.com
Sasha Jacob, Chief Executive Officer and Rita Thiel, Chair of the Board of Directors
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