Cypress Development Closes Private Placement Financing
(Thomson Reuters ONE) -
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/CYP-Clayton-topo-satalite-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(at)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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cypress Development Corp via GlobeNewswire
Datum: 23.12.2016 - 16:05 Uhr
Sprache: Deutsch
News-ID 514745
Anzahl Zeichen: 4905
contact information:
Town:
Vancouver
Kategorie:
Business News
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