Ceylon Graphite Provides Update on Default Status Reporting
Ceylon Graphite's Default Status Update
Ceylon Graphite Corp. has recently issued an important update regarding its financial reporting obligations. The company, known for its significant role in the graphite and graphene industries, is currently navigating through a management cease trade order.
Management Cease Trade Order Explained
Under National Policy 12-203, Ceylon Graphite disclosed on a recent date that it would be unable to file its required audited financial statements, CEO and CFO certifications, and accompanying management discussion & analysis documents. This non-compliance led to the issuance of a management cease trade order (MCTO) from the British Columbia Securities Commission.
Extension Granted by Regulators
The company confirmed it applied for an extension concerning the MCTO deadline. Originally set for a specific date, this deadline has been extended, allowing Ceylon more time to finalize its documentation. The company anticipates meeting the newly established deadline, ensuring compliance with regulatory requirements.
Current Status and Future Outlook
As of the latest report, Ceylon Graphite is diligently working on completing the necessary audits. The management has indicated that there are no material changes in circumstances that could impact investor interests or expectations. This includes no additional defaults that might arise outside the ongoing situation, reassuring stakeholders of the company's steadfast progress.
About Ceylon Graphite Corp.
Ceylon Graphite Corp. is duly listed on the TSX Venture Exchange and is recognized for its efforts in mining high-grade graphite from Sri Lanka. The company is also involved in the development of innovative applications for graphene and graphite across various sectors including electric vehicles, battery storage, healthcare, and construction.
Graphite's Role in Modern Industries
Graphite sourced from Sri Lanka is acclaimed for its purity and versatility, making it increasingly attractive for various high-tech applications. Industries reliant on high-performance materials are turning to Ceylon’s offerings, anticipating substantial growth, particularly in the electric vehicle market.
Investor Communication and Transparency
In adherence to NP 12-203, Ceylon Graphite will provide bi-weekly default status updates to keep investors informed about the ongoing situation. Transparency is vital during this process, and the company intends to keep all stakeholders updated on any developments.
Contact Information
To learn more about Ceylon Graphite Corp. or to seek assistance, investors can contact:
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 reason for Ceylon Graphite's default status?
The default status was due to the company's inability to file its annual financial statements and certifications on time.
What is a Management Cease Trade Order?
An MCTO is a regulatory measure that restricts trading on a company's securities until specific compliance issues are addressed.
How is Ceylon Graphite addressing this issue?
The company is working diligently to complete its audits and has been granted an extension for its filing deadlines.
What impact does this have on shareholders?
Shareholders are encouraged that there are no new material changes that would affect their interests aside from the ongoing situation being addressed.
Where can I find more information about Ceylon Graphite?
More information is available through the company’s communications and updates, as well as their official website.
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