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Ceylon Graphite poised for new C$4.5M placing to accelerate operations; shares surge

A previous financing announced this year has now lapsed as prospective investors were unable to complete the placement by the extension date granted by the Toronto venture exchange

Ceylon Graphite Corp -
Ceylon will issue and sell up to around 51.4 million units at C$0.0875 each

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLUF) (FRA:CCY) has unveiled plans to raise up to around C$4.5 million through a private placing to accelerate its commercial operations. 

In a statement, the miner said a previous financing announced this year, had now lapsed as prospective investors were unable to complete the placement by the extension date granted by the Toronto venture exchange. Today's announcement is a new financing. 

READ: Ceylon Graphite plans to raise up to C$8.1M to advance its Sri Lankan mining assets

Ceylon will issue and sell up to around 51.4 million units at C$0.0875  each.

Each consist of one Ceylon Graphite share and one share purchase warrant. Each warrant allows the holder to acquire one share in Ceylon Graphite for three years from the date of issue for C$0.15 each.

Closing of the financing is anticipated to occur on or around October 22, this year.

"The company looks forward to the successful close of this financing and is excited to accelerate its commercial operations upon receipt of the new financing," said Bharat Parashar, chairman and CEO of the group.

The company, which was established in 2017, is developing graphite mines in historic resource areas of Sri Lanka.

The company holds a total land package of 121 square kilometres, which contains historic vein graphite deposits - as opposed to flake type graphite deposits.

Shares in Toronto surged nearly 28% to C$0.14 on the day.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Ceylon Graphite Corp

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Price: 0.135 CAD

Market Cap: $17.06 m

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