Cypress Development (CYP) has announced that it has entered into an amending agreement with PI Financial Corp. as the sole underwriter and bookrunner to increase the size of the previously announced bought deal financing to an aggregate of 13,600,000 units at a price of C$1.25 per unit for gross proceeds of C$17,000,000.
Each unit shall consist of one common share of the company and one common share purchase warrant.
Each warrant shall be exercisable for one common share of Cypress for a period of 36 months from the closing date (as herein defined) at an exercise price of C$1.75.
In addition, the Company has granted the Underwriter an option exercisable in whole or in part, for a period of 30 days following the closing date, to purchase up to an additional 15% of the units sold pursuant to the offering.
The offering is expected to close on or about March 3, 2021.
Net proceeds are expected to be used to fund ongoing work on the company's Clayton Valley Lithium Project in Nevada and for general working capital purposes.
Cypress Development Corp. is a publicly-traded exploration company focused on developing the Company’s 100%-owned Clayton Valley Lithium Project in Nevada.
Cypress Development (CYP) is up 11.26 per cent, trading at C$1.68 at 3pm EST.