Cypress Closes Non-Brokered Private Placement Financing
VANCOUVER, British Columbia, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce that, further to its news releases of September 13, September 20, October 2 and October 5, the Company has closed its non-brokered private placement and issued 14,164,840 units (each, a “Unit”) at a subscription price of CAD $0.10 per Unit for gross proceeds of CAD $1,416,484. Each Unit consists of one common share of the Company and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.13 for a period of 2 years following the issuance date of the Warrant.
Finder fees totaling 455,700 warrants and $45,570 cash were paid to several finders in connection with a portion of the private placement. The warrants issued to finders have the same terms as the Warrants issued to subscribers.
A total of 1,161,870 Units were issued to Related Parties, being senior officers and directors of the Issuer, representing 4.88% undiluted and 5.61% fully-diluted as to the total number of common shares of the Company issued and outstanding.
All the Units and the Warrants are subject to a statutory hold period of 4 months and 1 day from the issuance date thereof.
The Company intends to use the proceeds from the private placement to complete a drilling program on Cypress’ 100% held Dean and Glory Lithium Projects in Clayton Valley, Nevada and for general working capital purposes.
Cypress Clayton Valley, Nevada Lithium Projects location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress Development Corp. has approx. 50.6 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website at www.cypressdevelopmentcorp.com.
“Don Myers”
DONALD G. MYERS
Director
For further information contact myself or:
Jim Pettit
Director, CFO
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.