TSXV: CYP | OTCQB: CYDVF
Cypress Development Corp. (TSXV: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) ( " Cypress" or " the Company") is pleased to announce that for the period October 1 st , to November 29 th 2021, the Company has received $6,949,791 from the exercise of 4,741,189 warrants. The warrants had exercise prices of up to $1.75 . The funds from the warrant exercise are in addition to the $19.8 million cash that the Company held on September 30, 2021 .
The Company issued 15,640,000 warrants with an exercise price of $1.75 as part of its bought deal financing in March 2021 . As of November 29, 2021 , the Company's outstanding warrant position was 12,262,253 warrants of which 11,879,100 are at an exercise price of $1.75 and 383,153 are exercisable at $1.25 .
"These cash injections significantly increase the Company's reported cash position without any dilution to the current shareholding structure," commented President and CEO Bill Willoughby . "With a strong treasury, the Company is in excellent position to execute upon its plans for the coming year."
About Cypress Development Corp
Cypress Development Corp. is a Canadian advanced stage lithium exploration company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Work completed by Cypress led to the discovery of a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The results of a positive Pre-Feasibility Study for the Clayton Valley Lithium Project were announced by Cypress Development in August 2020 . Cypress Development trades on the TSX Venture Exchange under the symbol CYP, and on the OTCQB under the symbol CYDVF.
ON BEHALF OF Cypress Development Corp.
WILLIAM WILLOUGHBY , PhD., PE
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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SOURCE Cypress Development Corp.
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