Ceylon Graphite Announces Update on Extension of Convertible Debentures

 VANCOUVER, British Columbia, Nov. 22, 2023 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces that it has amended the terms of certain convertible debentures (the “2018 Convertible Debentures”) that were issued by the Company on May 23, 2018 in the aggregate principal amount of $2,000,000. The 2018 Convertible Debentures previously entitled the holders thereof to convert an aggregate principal balance of $1,850,000 into common shares (“2018 Debenture Shares”) of the Company at a price of $0.25 per 2018 Debenture Share at any time on or prior to November 23, 2023. The Company has amended the conversion price of an aggregate principal amount of $1,750,000 of the 2018 Convertible Debentures (the “Extended 2018 Convertible Debentures”) to $0.15 per 2018 Debenture Share and amended the maturity date of the Extended 2018 Convertible Debentures to November 23, 2024 (the “Amendments”). In addition, the Company has agreed to issue 5,833,333 warrants of the Company (the “Replacement Warrants”) to the holders of the Extended 2018 Convertible Debentures to replace the warrants originally issued together with the 2018 Convertible Debentures and which otherwise would have expired on November 23, 2023. Each Replacement Warrant is exercisable for one common share of the Company (a “Replacement Warrant Share”) at a price of $0.15 per Replacement Warrant Share at any time until November 23, 2024. The Company is not receiving any additional funds in connection with the Amendments or issuance of the Replacement Warrants.

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