Cypress Development closes $430,000 private placement

Cypress Development Corp. (TSXV:CYP), further to its news releases on Dec. 2 and Dec. 12, has closed its private placement financing and has issued 4.3 million units at a subscription price of 10 cents per 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: https://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.
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