Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) is pleased to announce that, further to its news releases of September 13, September 20, October 2 and October 5, the Company has closed its non-brokered private placement and issued 14,164,840 units at a subscription price of CAD $0.10 per Unit for gross proceeds of CAD $1,416,484. Each Unit consists of one common share of the Company and one share purchase warrant. Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.13 for a period of 2 years following the issuance date of the Warrant.

Finder fees totaling 455,700 warrants and $45,570 cash were paid to several finders in connection with a portion of the private placement.  The warrants issued to finders have the same terms as the Warrants issued to subscribers.

A total of 1,161,870 Units were issued to Related Parties, being senior officers and directors of the Issuer, representing 4.88% undiluted and 5.61% fully-diluted as to the total number of common shares of the Company issued and outstanding.

All the Units and the Warrants are subject to a statutory hold period of 4 months and 1 day from the issuance date thereof.

The Company intends to use the proceeds from the private placement to complete a drilling program on Cypress’ 100% held Dean and Glory Lithium Projects in Clayton Valley, Nevada and for general working capital purposes.

Cypress Clayton Valley, Nevada Lithium Projects location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg

About Cypress Development Corp.:

Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.

Cypress Development Corp. has approx. 50.6 million shares issued and outstanding.