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Benzinga

Business

Akanksha Bakshi

Ceylon Graphite Boosts Private Placement To $3.5M

TSX M1

Ceylon Graphite Corp (TSXV:CYL) (OTCQB:CYLYF) amended the terms of its previously announced private placement.
The company has increased the number of units from 18.75 million to 21.88 million units at $0.16 per unit for gross proceeds of up to $3.5 million.
Each unit will consist of one common share and one common share purchase warrant.
Ceylon intends to use the net proceeds to advance K1 and M1 mines to commercial production. The company anticipates achieving this milestone within one year of the closing of the offering.
Price Action: CYL shares are trading lower by 1.72% at C$0.19 on TSX and CYLYF at $0.15 on the last check Thursday.

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