Ceylon Graphite Issues Default Status Report
Ceylon Graphite Provides Default Status Report
Ceylon Graphite Corp. (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is delivering a default status report in accordance with National Policy 12-203 – Management Cease Trade Orders. Recently, the Company announced it was unable to file its audited financial statements, including CEO and CFO certifications and management discussion and analysis (the “Annual Filings”) for the year ended March 31 due to challenges faced within its operations.
Management Cease Trade Order Granted
On the day of the announcement, the British Columbia Securities Commission, as principal regulator, issued the Company a management cease trade order (MCTO). This order allows the Company the necessary time to complete the audit by a designated deadline.
Commitment to Transparency
In line with NP 12-203, Ceylon Graphite is required to file bi-weekly default status reports during the MCTO period. The Company confirms that since its previous release, there have been no new changes or information that may be significant to investors. Ceylon maintains its commitment to meet the provisions outlined under the alternative information guidelines.
Ongoing Audit Process
The Company is actively working towards finalizing the audit process and aims to have everything completed within the specified timeframe. It is essential for Ceylon Graphite to meet compliance requirements and reassure stakeholders regarding its audits.
Investor Confidence
Ceylon Graphite reassures its investors that no additional defaults are expected following the previously announced default. The management team is committed to providing consistent updates and transparency throughout the audit process to foster ongoing investor confidence.
About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture Exchange. The Company is dedicated to mining for graphite while developing and commercializing innovative applications and products related to graphene and graphite. The graphite sourced from Sri Lanka is renowned for its high quality and has been validated for various applications, notably in the rapidly expanding electric vehicle and battery storage sectors, as well as construction and healthcare industries.
Company Information and Contacts
For additional information regarding Ceylon, please reach out via the contact details provided below:
Sasha Jacob, Chief Executive Officer
Rita Thiel, Chair of the Board of Directors
Email: info@ceylongraphite.com
Phone: +1(604) 924-8695
Frequently Asked Questions
What is the purpose of the default status report by Ceylon Graphite?
The default status report is to inform stakeholders about the Company’s inability to file its audited financial statements on time.
What triggered the management cease trade order (MCTO) for Ceylon Graphite?
The MCTO was initiated due to the Company being unable to meet its audit filing deadline.
When does Ceylon Graphite expect to complete its audit?
The Company is working diligently to complete its audit by the end of the specified timeframe.
Does Ceylon Graphite anticipate any further defaults?
The Company confirms that no additional defaults are expected beyond the current situation.
What industries benefit from Ceylon Graphite’s products?
Ceylon Graphite products are applicable in several sectors, including electric vehicles, battery storage, construction, healthcare, and coatings.
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