TSXV: CYP OTCQX: CYDVF
VANCOUVER, BC, Feb. 24, 2022 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1)
("Cypress" or "the Company") is pleased to announce that, together
with its wholly owned subsidiary Cypress Holdings (Nevada) LTD, it has entered into a Definitive
Purchase and Sale Agreement with Enertopia Corporation
("Enertopia") (OTCQB: ENRT) pursuant to which Cypress will acquire
Enertopia's Clayton Valley Lithium Claystone Project ("Enertopia's
Project") located immediately adjacent to Cypress' Clayton Valley
Lithium Project in Nevada.
"We are excited to consolidate Enertopia's Project with our
Project, as it will add upside, and can easily be integrated into
our mine plan," stated Bill
Willoughby, President and CEO of Cypress Development. "This
is a strategic acquisition, and it will potentially aid in
optimization, and production schedule development for our upcoming
Feasibility Study."
Under the transaction, Cypress will pay US$1.1 million in cash and issue 3,000,000 common
shares in the capital of Cypress ("Share Considerations") to
Enertopia to purchase 100% ownership interest in Enertopia's
Project. Closing is expected to be completed in April 2022 and is subject to customary approvals
and closing conditions for a transaction of this nature, including
approval of the Share Consideration by the TSX Venture
Exchange.
Enertopia's Project is 100% owned by Enertopia and comprises 17
unpatented mining claims totaling 160 contiguous acres. A
March 2020 NI 43-101 compliant
technical report on Enertopia's Project states the property has an
Indicated resource of 82 million tonnes (mt) of 1,121 parts per
million (ppm) Li and an Inferred resource of 18 mt of 1,131 ppm Li
using a cutoff grade of 400 ppm Li. The resource was calculated
using assay data from four core holes drilled on the property in
2018.
Qualified Person
Daniel Kalmbach, CPG, is the
"Qualified Person" as defined by National Instrument 43-101 and has
reviewed and approved the technical disclosure contained in this
news release.
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
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". Forward-looking statements
are subject to risks, uncertainties and assumptions and are
identified by words such as "expects," "estimates,"
"projects," "anticipates," "believes," "could," "scheduled," and
other similar words. 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.