Cypress Development closes $19.55-million bought deal

Mar 22, 2021

2021-03-22 12:05 ET – News Release

Dr. Bill Willoughby reports

CYPRESS DEVELOPMENT ANNOUNCES CLOSING OF BOUGHT DEAL OFFERING INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION

Cypress Development Corp. has closed its previously announced and upsized bought deal public offering of units of the company with PI Financial Corp., as the sole underwriter and bookrunner. The Underwriter exercised the over-allotment option in full and as a result the Company issued a total of 15.64 million units at a price of C$1.25 per Unit for gross proceeds of $19.55-million (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.

The Company issued to the Underwriter an aggregate of 938,400 broker warrants, each exercisable to acquire one Common Share at the price of C$1.25 until March 22, 2024.

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 discovered a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America’s only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier source that has the potential to impact the supply of lithium for the fast-growing global energy storage battery market.

We seek Safe Harbor.

https://www.cypressdevelopmentcorp.com/