Ceylon Graphite: Update on Filings, Timelines, and Next Steps
Ceylon Graphite Corp. (TSX-V: CYL) is sharing an update on the status of its audited financial statements. The company has run into unexpected setbacks that could affect its ability to meet certain filing timelines, including deadlines set by the British Columbia Securities Commission.
Management Cease Trade Order: Timing and Context
On July 30, the Company advised stakeholders that it would not be able to file its Annual Filings for the year ended March 31, 2024, by the required deadline of July 29, 2024. Following this disclosure, the British Columbia Securities Commission issued a management cease trade order (MCTO), which requires Ceylon Graphite to complete its filings by September 27, 2024.
Extension Requested to October 11, 2024
In light of the circumstances, Ceylon Graphite has formally requested an extension of the filing deadline to October 11, 2024. The company cites events beyond its control that have complicated the audit process and slowed completion of the Annual Filings.
Why the Filings Are Delayed
The delay stems from two principal factors. First, Ceylon Graphite is transitioning auditors from Manning Elliott LLP to MNP LLP. The new auditors have begun their work; however, negotiating the terms of the audit and managing the handover have lengthened the schedule. Second, the Chief Financial Officer has been temporarily incapacitated by serious health issues, which has further impacted the timing of the filings.
Actions Underway to Get Back on Track
Despite these headwinds, the Company is working closely with both its former and new auditors to move the transition forward as quickly as possible. Ceylon Graphite remains committed to the revised timeline and anticipates submitting its required documents by October 11, 2024.
Ongoing Reporting and Investor Communications
Under NP 12-203, Ceylon Graphite must issue bi-weekly status reports while the MCTO is in place. The Company also notes that there have been no material changes to the information provided in its initial July 30, 2024 news release. The focus remains on transparency and meeting all reporting obligations as work on the filings continues.
No New Defaults Reported
As of the date of this update, the Company confirms there are no additional defaults beyond those already disclosed. Ceylon Graphite believes all material information about its affairs has been made available to the public.
About Ceylon Graphite Corp.
Ceylon Graphite Corp. is listed on the TSX Venture Exchange and focuses on graphite mining alongside the development of products that use graphene and graphite. Known for high-grade graphite, the Company is positioned to serve growing demand in electric vehicles, battery storage, construction, healthcare, paints, and coatings.
Looking Ahead
The Company continues to explore new uses for its graphite and remains optimistic about contributing to the expansion of sustainable technologies.
For more information, prospective investors and other interested parties can contact the Company directly:
Sasha Jacob, Chief Executive Officer
Rita Thiel, Chair of the Board of Directors
Email: info@ceylongraphite.com
Corporate Communications: +1(604) 924-8695
Frequently Asked Questions
Why are Ceylon Graphite’s Annual Filings delayed?
Two issues have slowed the process: an auditor transition from Manning Elliott LLP to MNP LLP, which extended timelines as terms were finalized and work shifted, and the temporary incapacitation of the Chief Financial Officer due to serious health issues.
What are the key dates I should know?
The Company did not file by the July 29, 2024 deadline for the year ended March 31, 2024. An MCTO followed, requiring filings by September 27, 2024. Ceylon Graphite has requested an extension to October 11, 2024 and expects to meet that revised date.
What is a Management Cease Trade Order (MCTO)?
An MCTO is a regulatory order that restricts certain trading activities while a company addresses filing deficiencies. It allows the company to continue reporting and keep investors informed as it works to complete overdue filings.
How will investors receive updates during the MCTO?
While the MCTO is in effect, the Company will issue bi-weekly status reports under NP 12-203 and will provide official communications if there are any material developments. As of now, there are no changes from the information released on July 30, 2024.
What does Ceylon Graphite do, and who can I contact with questions?
Ceylon Graphite mines high-grade graphite and develops applications that use graphite and graphene across markets such as electric vehicles, battery storage, construction, healthcare, paints, and coatings. For questions, contact info@ceylongraphite.com or Corporate Communications at +1(604) 924-8695. You may also reach out to Sasha Jacob, Chief Executive Officer, or Rita Thiel, Chair of the Board of Directors.
