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Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) announces a non-brokered private placement of up to 5,000,000 Units at a price of $0.22 per Unit to raise gross proceeds of up to $1,100,000. Each Unit will consist of one common share of the Company and one share purchase Warrant entitling the holder to purchase an additional common share at a price of $0.33 for a period of three years.
Proceeds of the offering will finance the completion of a prefeasibility study (PFS) for Cypress’ Clayton Valley Lithium Project in Nevada, including further metallurgical studies, related infill drilling, and for general working capital purposes. Dr. Bill Willoughby, Chief Executive Officer, commented: "Cypress is pleased to be able to fund the Clayton Valley Project’s next steps with a modest capital outlay. The undertaking of infill drilling, further metallurgical studies and a prefeasibility study to provide more detailed information related to the project's economic assumptions hold the potential to unlock significant shareholder value."
Finder's fees may be paid in connection with part of this private placement offering. The private placement is subject to TSX Venture Exchange acceptance.
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 has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's only lithium brine operation.
Cypress Development Corp. has approx. 62.7 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
______________________________________________
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com