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Ceylon Graphite plans C$3.5M raise to advance Sri Lanka assets

The firm plans to place units at C$0.25 each, it said in a statement on Tuesday

Ceylon Graphite Corp -
Ceylon is in the business of mining for graphite, plus the exploration for and development of graphite mines

Sri-Lanka-focused miner Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) announced plans on Tuesday to raise up to C$3.5 million gross to advance its assets in the country. 

The firm plans to place units at C$0.25 each. 

Each unit will consist of one Ceylon Graphite share and one whole warrant. Each warrant entitles the holder to buy one share for C$0.30 for two years from issue. 

So far, Ceylon has received subscriptions for 10 million shares amounting to C$2.5 million, the company said in a statement. 

READ: Ceylon Graphite names veteran industry executive Don Baxter to board

Closing of the offering is subject to the approval of the TSX Venture Exchange and is expected to occur on or before January 31 this year, or such other date as the firm may determine. 

"We are grateful for such strong investor support,” said Bharat Parashar, chairman and chief executive officer. 

"These funds will accelerate our production at K1 and will be enough to complete work at the M1 site."

Last month, the firm announced a major milestone, saying it had started commercial production of graphite from its K1 mine at Karasnagla in Sri Lanka. As well as K1, the group also has the M1 development site and the H1 site (over 50 acres) in Hakbewa.

It also has the P1 development site in the Pasyala district too.

Contact the author at giles@proactiveinvestors.com

Quick facts: Ceylon Graphite Corp

Price: 0.1 CAD

Market: TSX-V
Market Cap: $6.73 m

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