Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) is pleased to report that it has entered into a Water Rights Purchase and Sale Agreement with Intor Resources Corporation, a wholly owned U.S. subsidiary of Nevada Sunrise Gold Corporation, for the purchase of Intor’s Water Rights Permit in Clayton Valley, Nevada. 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. The Closing Payment comprises US$2 million in cash and the issuance of Cypress common shares to the value of US$850,000.
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, and on the OTCQB.
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We acknowledge the [financial] support of the Government of Canada.