Ceylon Graphite Issues Default Status Report
Ceylon Graphite Corp. (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) has released a default status report in compliance with National Policy 12-203 – Management Cease Trade Orders. The Company recently disclosed that it was unable to submit its audited financial statements, which include CEO and CFO certifications as well as management discussion and analysis (the “Annual Filings”) for the fiscal year ending March 31, due to operational challenges.
Management Cease Trade Order Issued
On the day of this announcement, the British Columbia Securities Commission, serving as the principal regulator, granted the Company a management cease trade order (MCTO). This order provides the necessary time for the Company to complete its audit by a specified deadline.
Commitment to Openness
In accordance with NP 12-203, Ceylon Graphite is obligated to submit bi-weekly default status reports during the MCTO period. The Company assures that since its last update, there have been no new developments or information that could be important to investors. Ceylon is dedicated to adhering to the provisions set forth in the alternative information guidelines.
Progress on Audit Process
The Company is actively working to finalize the audit process and aims to complete it within the designated timeframe. Meeting compliance requirements is crucial for Ceylon Graphite, as it seeks to reassure stakeholders regarding its audit status.
Building Investor Trust
Ceylon Graphite wants to reassure its investors that no further defaults are anticipated beyond the already disclosed situation. The management team is committed to providing regular updates and maintaining transparency throughout the audit process to build ongoing investor trust.
About Ceylon Graphite Corp.
Ceylon Graphite is a publicly traded company on the TSX Venture Exchange. The Company focuses on mining graphite while also developing and commercializing innovative applications and products related to graphene and graphite. The graphite sourced from Sri Lanka is known for its high quality and has been validated for various applications, particularly in the fast-growing electric vehicle and battery storage sectors, as well as in construction and healthcare industries.
Company Information and Contacts
For more information about Ceylon, please use the contact details 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 serves 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 issued because the Company could not meet its audit filing deadline.
When does Ceylon Graphite expect to complete its audit?
The Company is working hard to finalize its audit by the end of the specified timeframe.
Does Ceylon Graphite anticipate any further defaults?
The Company has stated that no additional defaults are expected beyond the current situation.
What industries benefit from Ceylon Graphite’s products?
Ceylon Graphite's products are utilized in various sectors, including electric vehicles, battery storage, construction, healthcare, and coatings.
