Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) is pleased to announce that it has closed its previously announced and upsized “bought deal” public offering of units of the Company with PI Financial Corp. as the sole underwriter and bookrunner. 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. Each Unit consists of one common share and one warrant. Each Warrant shall be exercisable for one common 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 Units, Common Shares and Warrant Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer of securities for sale in the United States.
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.
Clayton Valley Lithium Project, Nevada Claims Map:
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