Cypress Development Corp. (TSXV:CYP), pursuant to its stock option plan, has granted incentive stock options to its directors, officers, employees and consultants to purchase up to an aggregate of 1.14 million common shares in the capital stock of the company exercisable for a period of five years at a price of 10.5 cents per share. The company’s 10-per-cent rolling stock option plan was approved by the shareholders at the annual general meeting of the company held on June 8, 2016.
Due to a late subscription arrival in regard to the company’s recently closed private placement announced on Dec. 23, Cypress has agreed to a small second non-brokered private placement of 100,000 units at a price of 10 cents per unit for gross proceeds of $10,000. Each unit consists of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of three years at a price of 12.5 cents per share from the closing date of the private placement.
No finder’s fee was paid in connection with this private placement. The private placement is subject to TSX Venture Exchange acceptance.
The company intends to use the proceeds of the private placements to continue to advance its lithium projects in Clayton Valley, Nevada, and for general working purposes.
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