Non-Brokered Private Placement of 3,000,000 Flow-Through Units and 3,000,000 Non-Flow-Through Units
The Board Of Directors of Cypress Development Corp. (the "Company") wish to announce a non-brokered private placement of up to 3,000,000 flow-through units (the "flow-through units") at a price of $0.10 per flow-through unit. Each flow-through unit will consist of one flow-through share (the "flow-through share") and one share purchase warrant entitling the holder to purchase an additional flow-through share at a price of $0.12 for a period of one year.
The Company also announces a non-brokered placement of up to 3,000,000 non flow-through units (the "non flow-through units") at an offering price of $0.07 per non flow-through unit. Each non-flow-through unit will consist of one non flow-through common share (the "non flow-through shares") and one share purchase warrant entitling the holder to purchase an additional non flow-through share at a price of $0.10 for a period of one year.
A finder's fee in the maximum amount allowable will be paid in connection with the private placement offerings. Cypress Development intends to utilize the proceeds from the private placement for general working capital purposes and to be expended on a work program to be carried out on the Company's McKenzie Island, Red Lake Property.
The above transaction is subject to TSX Venture Exchange approval.
Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold project in Red Lake, Ontario, Canada, and 2 gold projects and a zinc project in Nevada, USA. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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