4 December 2020 05:44 am
Ceylon Graphite Corp yesterday said its common shares have been approved for trading on the OTCQB Venture Market, effective December 3, 2020.
The company’s U.S. listing will trade under the symbol ‘CYLYF’ while the company’s primary Canadian listing will continue to trade on the TSX Venture Exchange under ‘CYL’.
The company’s common shares are eligible for electronic clearing and settlement through the Depository Trust Company (DTC). DTC eligibility allows for cost-effective clearing and secure settlement, in turn simplifying and accelerating the settlement process for investors.
Ceylon Graphite CEO Bharat Parashar said, “We are very pleased to have our US trading status upgraded to OTCQB.
This will provide the company with greater market exposure, increase our visibility within the global investment community, further broaden our shareholder base and increase the volume of our tradable securities.”
Ceylon Graphite is a public company listed on the TSX Venture Exchange that is in the business of mining for graphite, plus the exploration for and development of graphite mines in Sri Lanka.
Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications, including the high-growth electric vehicle and battery storage markets.
The Government of Sri Lanka has granted the company’s wholly-owned subsidiary Sarcon Development (Pvt.) Ltd an IML Category A licence for its K1 site and exploration rights in a land package of over 120km². These exploration grids (each one square kilometre in area) cover areas of historic graphite production from the early 20th century and represent a majority of the known graphite occurrences in Sri Lanka.