VANCOUVER, British Columbia, June 25, 2021 (GLOBE NEWSWIRE) – Ceylan Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce that it has negotiated a Debt Swap Agreement (the “Debt Agreements”) with Bharat Parashar, the former Director General Officer and President of Ceylon. As disclosed in the Company’s press release dated June 2, 2021. Mr. Parashar has retired as CEO and Chairman of the Board of Ceylon. Pursuant to the loan agreements, the Company has agreed to issue a total of 1,500,000 common shares (the “Debt Shares”) to Mr. Parashar in exchange for the cancellation of $ 300,000 (the “Debt Debt”). ”) Of the debt owed to Mr., Bharat. Debt shares are issued at a deemed price of $ 0.20 per share.
The debt includes $ 100,000 in accrued and unpaid management fees over a four (4) year period relating to the management of the affairs of the various Ceylon subsidiaries and $ 200,000 in retirement payment to Mr. Parashar.
Celyon CEO Don Baxter said: “On behalf of the board and staff of Ceylon and our subsidiaries in Sri Lanka, we wish Bharat an excellent retirement and thank him for his years of service in construction. of the society.
The issuance of the Debt Shares is subject to the approval of the TSX Venture Exchange. All securities issued as part of the debt conversion are subject to a legal holding period of four (4) months.
About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture Exchange, engaged in the mining of graphite and the development and commercialization of innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be one of the purest in the world and has been confirmed to be suitable to be easily upgraded for a range of applications including high growth electric vehicle markets and battery storage, as well as the construction, health and paints and coatings sectors. The Government of Sri Lanka has granted Sarton Development (Pvt) Ltd., a wholly-owned subsidiary of the Company, a Category A IML license for its K1 mine and its exploration rights to a land area of over 120 km². . These exploration grids (each one square kilometer in area) cover areas of historical graphite production since the early 20th century and represent the majority of known graphite occurrences in Sri Lanka.
Further information about the Company is available at www.ceylongraphite.com.
Don Baxter, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information as defined in applicable securities laws, which relates to future events or future performance and reflects the current expectations and assumptions of management. Forward-looking information includes statements about Ceylon Graphite’s networks, Ceylon Graphite’s plans to undertake additional drilling and develop a mining plan, and begin to establish mining operations. These forward-looking statements reflect the current beliefs of management and are based on assumptions made by Ceylon Graphite and on information currently available, including the assumption that there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government and market licenses. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties which may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from results expressed or implied by forward-looking information include, among others, an inability to enter into a final acquisition agreement, inaccurate results of drilling exercises, failure to obtain or delays in obtaining required licenses, permits, regulatory approvals and consents, inability to access financing when needed, general economic downturn, volatile stock price, strikes, political unrest, changes in the mining regulatory regime governing Ceylon graphite, a failure to comply with environmental regulations and a weakening of the market and industry’s reliance on high-grade graphite Ceylon Graphite cautions the reader that the listing above risk factors is not exhaustive.