Cypress Development Closes Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 31, 2016) - Cypress Development Corp. (TSX VENTURE:CYP)(OTC PINK:CYDVF)(FRANKFURT:C1Z1) ("Cypress" or the "Company") is pleased to report the completion of the non-brokered private placement (see news release March 09, 2016) and, as a result of being oversubscribed, has issued 6,000,000 (the "Units") at a deemed price of $0.05 per Unit for net proceeds of $300,000. Each Unit consists of one common share and one non-transferrable share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of $0.055 per share for a period of five years from the date of issuance. Shares issued in connection with this private placement including any shares issued as a result of the exercise of any Warrants will be subject to a hold period expiring four months and one day from the date of issuance. Aggregate finder's fees of $8,735 cash and 174,650 agents warrants ("Agent Warrants") has been paid in connection with part of this offering. The Agent Warrants are subject to the same terms and conditions as the subscriber Warrant. Insiders subscribed for 2,080,000 units.
The proceeds from this private placement will be utilized for further exploration of the Company's Nevada lithium properties and for general working capital purposes.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc-silver exploration company developing projects in Nevada, U.S.A.
Cypress Development Corp. has approx. 23.8 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Don Huston
President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Contact
Cypress Development Corp.
Don Myers
Director
Telephone: 604-687-3376 or Toll Free: 800-567-8181
604-687-3119
Email: info@cypressdevelopmentcorp.com
www.cypressdevelopmentcorp.com
