VANCOUVER, British Columbia, Dec. 23, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP ) (OTCBB: CYDVF ) (Frankfurt: C1Z1 ) (“Cypress” or the “Company”) announces, further to its news releases of Dec. 02 nd & Dec. 12 th , that the Company has closed its private placement financing and has issued 4,300,000 Units at a subscription price of $0.10 per Unit (“Unit”) for gross proceeds of $430,000. Each Unit consists of one common share and one non-transferable share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one additional common share for a period of three years at a price of $0.125 per share expiring December 23, 2019.
Finder's fees of 28,000 agent’s warrants and $6,300 in cash were paid in connection with part of this private placement. The agent’s warrants have the same terms as the subscribers Warrants.
Shares issued as a result of the private placement, including any shares issued as a result of the exercise of underlying Warrants, will be subject to a four month hold period expiring April 24, 2017.
The Company intends to utilize the proceeds of this private placement financing for continued exploration on its lithium projects in Nevada and for general working capital purposes.
Cypress’ Clayton Valley Lithium Projects, Nevada location map: http://www.cypressdevelopmentcorp.com/i/maps/...-small.jpg
The private placement is subject to TSX Venture Exchange final acceptance.
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 is very active in Clayton Valley, Nevada with its team committed to systematically exploring its properties for both a lithium-brine resource and expanding exploration relating to the potential for lithium that exists within the large surface area of recently discovered non-hectorite "claystones", that has seen recent high lithium assays recovered from these same "claystones".
Cypress Development Corp. has approx. 33.3 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V: CYP ), visit our website at www.cypressdevelopmentcorp.com .
CYPRESS DEVELOPMENT CORP.
“Don Huston” DONALD C. HUSTON President
For further information contact myself or: Don Myers Director 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.
