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VANCOUVER, British Columbia, Aug. 27, 2024 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Celon” or the “Company”) (TSX: CYL) (OTX: CYLYF) (Virginia Stock Exchange: CCY) is filing this Default Status Report in accordance with National Policy 12-203 – Administrative Stop Trading Orders (“NB 12-203On July 30, 2024, the Company announced that it is not in a position to file its audited financial statements, CEO and CFO certificates, and management discussion and analysis (Annual Submissions“) for the year ending March 31, 2024 on or before July 29, 2024.
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On July 30, 2024, the British Columbia Securities Commission, as the primary regulator, granted the Company a management cease trading order (“MCTOThe company continues to work diligently to complete the audit by September 27, 2024.
Pursuant to NP 12-203, the Company is required to provide biweekly default status reports in the form of additional press releases during the MCTO period. The Company states that since its press release dated July 30, 2024, there have been no changes to the information contained in that press release that could reasonably be expected to be material to an investor. The Company confirms that it has not failed to fulfill its stated intentions with respect to meeting the alternative information guidance provisions under NP 12-203 and that there has been, and is not expected to be, any specific default following the default announced in the Company’s press release dated July 30, 2024. Finally, the Company also confirms that there is no other material information relating to the Company’s affairs that has not been publicly disclosed as of the date of this press release.
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About Ceylon Graphite
Ceylon is a publicly listed company on the Toronto Stock Exchange engaged in the extraction, development and commercialization of innovative graphene and graphite applications and products. The graphite mined in Sri Lanka is known to be of the highest grade in the world and has been proven to be suitable and easily scalable for a range of applications including the high-growth electric vehicle and battery storage markets as well as the construction, healthcare, paints and coatings sectors.
More information about Ceylon is available at www.ceylongraphite.com
Sacha Jacob, CEO and Rita Thiel, Chairwoman
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Corporate Communications
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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 statement.
Forward-looking statements:
This press release contains forward-looking information as defined in applicable securities laws, which relates to future events or future performance and reflects management’s current expectations and assumptions. Forward-looking information includes the Company’s business objectives, the expected date of annual filings, the timing of biweekly default status reports, the potential for commercialization of graphite and graphene applications and products, and the rate or existence of growth in the electric vehicle and battery storage markets. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Silane, including the assumption that there will be no material adverse changes affecting the development and production of Silane’s mineral properties,
There will be no material adverse change in graphite and metal prices, demand for graphite-powered batteries and other products requiring graphite will continue to grow, and all necessary approvals, licenses, permits and clearances, including various local government licenses, will be obtained and everything 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 could cause future results to differ materially from those anticipated. Risk factors that could cause actual results to differ materially from those expressed or implied by forward-looking information include, among others, failure to obtain all that is required to complete the Company’s audit, failure of the Company’s auditor to complete its audit of the Company prior to the expected filing date, failure to obtain or retain patents and proprietary technology, loss of or failure to obtain available high-quality graphite, any failure to obtain or delay in obtaining required regulatory licenses, permits, approvals or clearances, inability to access financing as needed, general economic downturn, stock price volatility, labor strikes, political unrest, changes in the mining regulatory regime governing Ceylon, failure to comply with environmental regulations and weakening of market and industry reliance on high-quality graphite. Ceylon cautions the reader that the above list of risk factors is not exhaustive.
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