Ceylon Graphite Corp. announced a non-brokered private placement that it has issued 9% senior secured convertible debenture units of the company for the gross proceeds of CAD 365,000 on October 27, 2023. Each debenture unit consists of CAD 1,000 principal amount of 9% senior secured convertible debenture of the company and 20,000 common share purchase warrants of the company, with each warrant exercisable for one common share of the company at an exercise price of CAD 0.06 per warrant share for a period of one year from the date of issuance.

The debentures shall bear interest at an annual rate of 9%, payable in cash semi-annually in arrears. Interest on the debentures may alternatively be paid in common shares of the company at the company?s option, subject to the approval of the TSXV. In connection with the financing, the company has issued to eligible finders an aggregate of 455,000 shares and 1,365,000 warrants.The transaction included seven placees and one insider.

The TSX Venture Exchange has accepted for filing documentation with respect to anon-brokered private placement.