News officialFinally this morning ...
VANCOUVER, British Columbia, March 22, 2021 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has closed its previously announced and upsized “bought deal” public offering of units of the Company (the “Units”) with PI Financial Corp. as the sole underwriter and bookrunner (the “Underwriter”). 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 (the “Offering”). Each Unit consists of one common share (each, a “Common Share”) and one warrant (each, a “Warrant”). Each Warrant shall be exercisable for one common share (each a “Warrant 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.