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VANCOUVER, British Columbia, Oct. 08, 2024 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) provides this status report pursuant to National Policy 12-203 – Administrators Suspend Trade Disciplines (“NP 12-203“). On July 30, 2024, the Company announced that it was not in a position to file its audited financial statements, CEO and CFO certifications, and management discussions and analysis (“Annual Articles”) for the year ended March 31, 2024 on or before July 29, 2024.
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On July 30, 2024, the Securities Commission of British Columbia (“BCSC”), as the principal administrator, gave the Company a cease-and-desist order (“MCTO“). As announced in the Company’s previous press release dated September 10, 2024, the Company applied to the BCSC for an extension of the MCTO deadline from September 27, 2024 to October 11, 2024. The BCSC has granted this request. The Company continues and working diligently to complete the audit and expects to be in a position to complete the Annual Filing on or before October 11, 2024, as required in accordance with the revised terms of the MCTO.
Pursuant to NP 12-203, the Company must file bi-weekly status reports in the form of additional news releases during MCTO. The Company reports that as of its press release on July 30, 2024, there have been no changes to the information contained in that press release that could reasonably be expected by an investor and that was not disclosed here or in previous press releases. of the Company. Except as described herein and in the Company’s previous press releases, the Company certifies that there has been no failure to achieve its stated objectives in satisfying the provisions of the other information guidelines under NP 12-203 and that there has not been, and is not expected to be, any failure specified after the failure announced in the Company’s press release dated July 30, 2024. Finally, the Company also confirms that no other material information relating to the Company’s affairs has been publicly disclosed since the date of the press release.
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About Ceylon Graphite Corp.
Ceylon is a public company listed on the TSX Venture Exchange that is in the business of mining graphite and developing and selling new graphene and graphite systems and products. The graphite mined in Sri Lanka is known to be one of the highest grades in the world and has proven to be suitable and easy to develop in a variety of applications including the fast growing electric vehicle and battery storage markets as well as the construction, healthcare and paints and apparel sectors.
More information about Ceylon is available at www.ceylongraphite.com
Sasha Jacob, Chief Executive Officer and Rita Thiel, Chair of the Board of Directors
info@ceylongraphite.com
Business Communication
+1(604) 924-8695
Neither the TSX Venture Exchange nor its Legal 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.
FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking information as such term is defined in applicable securities laws, relating to future events or future performance and reflecting management’s expectations and current assumptions. Forward-looking information includes the Company’s business goals, the expected date of the filing of the Annual Reports, the timing of the issuance of the two-week automatic status reports, the expected sales of graphite and graphene applications and products, and the amount or presence 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 and information currently available in Ceylon, including the assumption that there will be no material adverse changes affecting the development and production of Ceylon’s mineral properties,
there will be no adverse change in the price of graphite and steel, there will be continued increase in demand for graphite batteries and other products that require graphite, all necessary permits, licenses, permits and approvals will be obtained, including various licenses of the Local Government, and everything necessary to complete the Company’s audit will be obtained by the Company and and its auditors in due course. Investors are cautioned that these forward-looking statements are not promises or 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 other things, failure to obtain all material necessary to complete the Company’s audit, failure of the Company’s auditor to complete his audit of the Company prior to the expected filing date, failure to obtain or maintain proprietary rights and and proprietary technology, loss or failure to obtain high quality graphite, any failure to obtain or delay in obtaining necessary regulatory licenses, permits, approvals and permits, inability to access. financing as needed, general recession, stock price volatility, labor strikes, political unrest, changes in Ceylon’s mining regime, failure to comply with environmental regulations and weakening market and industry confidence in high quality graphite. Ceylon cautions the reader that the above list of risk factors is not exhaustive.
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