Correction: Ceylon Announces Granting of Options and Debt Conversion
Added 11-19-20 05:04:03pm EST - “TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. ("Ceylon") today announced it has granted an aggregate of 5,000,000 stock options to its directors, officers and employees. Each option is exercisable at $0.215 per…” - Finance.yahoo.com
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TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon”) today announced it has granted an aggregate of 5,000,000 stock options to its directors, officers and employees. Each option is exercisable at $0.215 per common share at any time until November 19, 2023.
Ceylon would also like to announce that it has negotiated a debt conversion agreement (the “Debt Agreement”) with a non-arm’s length party.
Pursuant to the terms of the Debt Agreement, the Corporation has agreed to issue an aggregate of 697,674 common shares (“Debt Shares”) to the non-arm’s length party in exchange for the cancellation of $150,000 in debt owing to the party. The Debt Shares are being issued at a deemed price of $0.215.
The issuance of the Debt Shares are subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.
Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, plus the exploration for and development of graphite mines in Sri Lanka. The Government of Sri Lanka has granted the Company an IML Category A license for its K1 site 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. Graphite mined in Sri Lanka is known to be some of the purest in the world, and currently accounts for less than 1% of the world graphite production.
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