/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
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TSXV: CYP | OTCQX: CYDVF
VANCOUVER, BC, Feb. 4, 2022 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1)
("Cypress" or "the Company") is pleased to announce that it has
closed its previously announced upsized bought deal offering (the
"Offering") with PI Financial Corp. as the sole underwriter and
bookrunner (the "Underwriter").
Pursuant to the Offering, the Company issued a total of
9,058,000 units of the Company ("Units") at a price of $2.00 per Unit and 142,000 Warrants (as defined
below) at a price of $0.1598 per
Warrant, for aggregate gross proceeds of $18,138,720, which includes 1,058,000 Units and
142,000 Warrants issued by the Company upon partial exercise of the
overallotment option granted to the Underwriter. Each Unit consist
of one common share of the Company and one common share purchase
warrant (each, a "Warrant"). Each Warrant entitles the holder to
acquire one common share of the Company at a price of $2.65 with a Warrant expiry date of February 4, 2024.
The net proceeds from the Offering are expected to be used by
the Company to fund ongoing work, development and permitting
activities at its Clayton Valley Lithium Project in Nevada and for working capital and general
corporate purposes.
The Units issued under the Offering were offered by way of a
short form prospectus filed in each of the provinces of
Canada, except Québec. The Units
were also offered in the United
States to Qualified Institutional Buyers pursuant to
exemptions from the registration requirements of the United States
Securities Act of 1933 as amended, (the "U.S. Securities Act"), in
a manner that does not require the Offering to be registered in
the United States, and in certain
other jurisdictions in accordance with applicable securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not
been and will not be registered under the U.S. Securities Act, or
the securities laws of any state of the
United States and may not be offered or sold within
the United States (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or
pursuant to an exemption from such registration requirements.
About Cypress Development Corp
Cypress Development Corp. is a Canadian based 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. Cypress is advancing
its Clayton Valley Lithium Project in Nevada towards the production of high-purity
lithium hydroxide suitable for tier one battery usage.
ON BEHALF OF CYPRESS DEVELOPMENT CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer
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" 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.
SOURCE Cypress Development Corp.