Cypress Development Announces Upsize to Previously Announced Bought Deal Offering to C$17 Million
Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX Venture Exchange Symbol: CYP
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
February 09, 2021
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Cypress Development Announces Upsize to Previously Announced
Bought Deal Offering to C$17 Million
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) ( OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “ the Company”) is pleased to announce that due to
strong investor demand, it has entered into an amending agreement with PI Financial
Corp., as the sole underwriter and bookrunner (the “Underwriter”) to increase the size
of the previously announced bought deal financing to an aggregate of 13,600,000 units
of the Company (the “ Units”) at a price of C$1.25 per Unit (the " Offering Price") for
gross proceeds of C$17,000,000 (the "Offering").
Each Unit shall consist of one common share of the Company and one common share
purchase warrant (each, a " Warrant"). Each Warrant shall be exercisable for one
common share of the Company 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 (the "Over-Allotment
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, on
the same terms as the Offeri ng, to cover over -allotments and for market stabilization
purposes.
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.
Closing of the Offering is expected to take place on or about March 3, 2021, and is
subject to certain conditions including, but not limited to the receipt of all applicable
regulatory approvals including approval of the TSX Venture Exchange.
The Units to be issued under the Offering will be offered by way of a short form
prospectus to be filed in each of the provinces of Canada, except Québec. The Units
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may also be offered in the United States to Qualified Institutional Buyers pursu ant to
exemptions from the registration requirements of the United States Securities Act of
1933 as amended, (the "U.S. Securities Act"), in a manner that does not require the
Offering to be registered in the United States, and in certain other jurisdictio ns in
accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy
nor shall there be any sale of any of the securities in any jurisdiction in which such offer,
solicitation or sal e would be unlawful. The securities have not been and will not be
registered under the U.S. Securities Act, or the securities laws of any state of the United
States and may not be offered or sold within the United States (as defined in Regulation
S under t he U.S. Securities Act) unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to an exemption from such registration
requirements.
About Cypress Development Corp.
Cypress Development Corp. is a publicly traded e xploration 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, No rth 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.
Clayton Valley Lithium Project, Nevada Claims Map:
cyp_cypress_-_albemarle_properties_map.jpg (1060×706)
(cypressdevelopmentcorp.com)
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: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
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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 d evelopments 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.