TSX.V: CYP | OTCQB: CYDVF
VANCOUVER, BC, Sept. 8, 2021 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) ("Cypress"
or "the Company") is pleased to report that it has entered
into a Water Rights Purchase and Sale Agreement (the "Agreement")
with Intor Resources Corporation ("Intor"), a wholly owned U.S.
subsidiary of Nevada Sunrise Gold Corporation ("Nevada
Sunrise"), for the purchase of Intor's Water Rights Permit in
Clayton Valley, Nevada (the
"Permit"). The Permit allows for 1,770 acre-feet of water per year
for mining, milling, and domestic use.
"With the completion of the Agreement, Cypress is a big step
closer to securing water rights for our Clayton Valley Lithium
Project", stated Bill Willoughby,
President & CEO of Cypress. "Cypress and Nevada Sunrise are now
moving forward to complete the parties' obligations under the
Agreement. For Cypress' lithium project, this is a meaningful
development because water is a vital resource to the project. This
purchase has the potential to secure the Project's future water
requirements."
Terms of the Agreement
The purchase price for the Permit is US$3
million to be paid in a combination of cash and Cypress
common shares. The purchase price includes an initial
non-refundable cash payment of US$150,000 (paid), and a final payment of
US$2.85 million on receipt of all
necessary approvals and transfer of the Permit to Cypress ("Closing
Payment"). The Closing Payment comprises US$2 million in cash and the issuance of Cypress
common shares to the value of US$850,000 ("Share Issuance").
The Agreement is subject to terms and conditions customary for a
transaction of this nature, including TSX Venture Exchange approval
of the Share Issuance. The Parties are now working towards
obtaining the approvals required for the transfer of the Permit,
expected during the fourth quarter of 2021.
About Cypress Development Corp:
Cypress Development Corp. is a Canadian advanced stage
lithium 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 June 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 & CEO
www.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.
Cautionary Note Regarding Forward-Looking
Statements
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.
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SOURCE Cypress Development Corp.