The mid-cycle surge of luteinising hormone (LH) is responsible for inducing ovulation by causing the rupture of the mature Graafian follicle and release of the ovum, which makes Statement I correct. After ovulation, during the luteal phase, the ruptured follicle transforms into the corpus luteum that secretes large amounts of progesterone along with a significant level of estrogen to prepare the uterus for possible implantation. This confirms that Statement II is also correct. Hence, both Statement I and II are correct.