(“Ceylon”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce the execution of a Memorandum of Understanding dated J(the “MOU”) with two subsidiaries of LOLC Holdings PLC (“LOLC”). The corrected news release is as follows:ĬEYLON GRAPHITE ANNOUNCES MOU FOR JOINT VENTURE WITH STRATEGIC PARTNER TO DEVELOP AND OPERATE ADDITIONAL NEW GRAPHITE MINES AND A LOCAL UPGRADING FACILITY TO MEET GLOBAL BATTERY ANODE NEEDSĬeylon Graphite Corp.
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“These are exciting times as we are on the cusp of being able to generate and grow significant high-margin free cash flow to Ceylon’s shareholders and strategic partners,” stated Don Baxter, CEO of Ceylon Graphite. This is expected to significantly increase Ceylon’s future production growth profile. The LOLC JV will bring a minimum of three other mines into production with Ceylon off taking all the graphite. Furthermore, the company remains focused on bringing operations at K1, M1, H1, P1 as well as six other potential sites under development into production, having combined production potential of 50,00 tonnes per year. We view the strong financial backing from LOLC as a strong validation of our assets and management team that this deal brings. After some inquiries from shareholders, Ceylon would like to highlight from the Jpress release LOLC intends to purchase up to an aggregate of 15% of Ceylon shares either as a lead order on a future financing or under separate terms with timing and terms to be detailed in a definitive agreement. With the exit of ORIX Corporation of Japan in March 2018, LOLC Holdings PLC no longer uses its former name Lanka Orix Leasing Company PLC. (“Ceylon”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces that the original news release captioned “CEYLON GRAPHITE ANNOUNCES MOU FOR JOINT VENTURE WITH STRATEGIC PARTNER TO DEVELOP AND OPERATE ADDITIONAL NEW GRAPHITE MINES AND A LOCAL UPGRADING FACILITY TO MEET GLOBAL BATTERY ANODE NEEDS”, published on July 7, 2021, referred, incorrectly, to LOLC Holdings PLC (LOLC) as Lanka ORIX Leasing Company Group in the first paragraph. VANCOUVER, British Columbia, J(GLOBE NEWSWIRE) - Ceylon Graphite Corp. CORRECTION to NEWS RELEASE Dated July 7, 2021: Ceylon Graphite Announces MOU for Joint Venture With Strategic Partner to Develop and Operate Additional New Graphite Mines and a Local Upgrading Facility to Meet Global Battery Anode Needs
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