Cypress Development Announces Closing of Bought Deal Offering Including Full Exercise of Over-Allotment Option
March 22 2021 - 9:48AM
Cypress Development Corp. (
TSX-V:
CYP) (
OTCQB:
CYDVF) (
Frankfurt:
C1Z1) (“Cypress” or “the Company”) is pleased to
announce that it has closed its previously announced and upsized
“bought deal” public offering of units of the Company (the
“
Units”) with PI Financial Corp. as the sole
underwriter and bookrunner (the “
Underwriter”).
The Underwriter exercised the over-allotment option in full and as
a result the Company issued a total of 15,640,000 Units at a price
of C$1.25 per Unit for gross proceeds of C$19,550,000 (the
“
Offering”). Each Unit consists of one common
share (each, a “
Common Share”) and one warrant
(each, a “
Warrant”). Each Warrant shall be
exercisable for one common share (each a “
Warrant
Share”) at an exercise price of C$1.75 until March 22,
2024.
The net proceeds from the Offering are expected
to be used by the Company to fund ongoing work on the Company's
Clayton Valley Lithium Project in Nevada and for general working
capital purposes.
The Company issued to the Underwriter an
aggregate of 938,400 broker warrants, each exercisable to acquire
one Common Share at the price of C$1.25 until March 22, 2024.
The Units, Common Shares, Warrants and Warrant
Shares have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended (the “U.S.
Securities Act”), and may not be offered or sold in the
United States or to, or for the account or benefit of, any U.S.
persons or any persons in the United States absent registration
under the U.S. Securities Act and applicable state securities laws,
or an applicable exemption from the registration requirements. This
news release does not constitute an offer of securities for sale in
the United States. “United States” and
“U.S. person” are as defined in Regulation S under
the U.S. Securities Act.
About Cypress Development
Corp.
Cypress Development Corp. is a publicly traded
exploration company focused on developing the Company's 100%-owned
Clayton Valley Lithium Project in Nevada. Exploration and
development by Cypress discovered a world-class resource of
lithium-bearing claystone adjacent to the Albemarle Silver Peak
mine, North America's only lithium brine operation. The size of the
resource makes the Clayton Valley Project a premier source that has
the potential to impact the supply of lithium for the fast-growing
global energy storage battery market.
To find out more about Cypress Development Corp.
(TSX-V: CYP), visit our website at
www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill
Willoughby” WILLIAM
WILLOUGHBY, PhD., PEChief Executive Officer
For further information contact myself or: Don MyersCypress
Development Corp.Director, Corporate CommunicationsTelephone:
604-639-3851Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
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" including, but not
limited to, statements related to the expected use of proceeds of
the Offering. 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.
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