Vancouver, BC - Cypress Development Corp. (TSX.V: CYP) (the Company) announces that it has issued 4,000,000 flow-through Units at a price of $0.20 per unit pursuant to a private placement announced October 20 and 24th, 2006. Each flow-through unit consists of one flow-through common share and one share purchase warrant entitling the holder to purchase one non flow-through common share at a price of $0.25 per share until November 29, 2007.
As a finder's fee in connection with the transaction, the Company has issued a further 247,500 units, each consisting of one common share and one share purchase warrant, having the same terms and conditions as the warrants referred to in the foregoing.
The flow-through common shares and warrants issued under the private placement and any shares issued pursuant to the exercise of shares purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring March 31, 2007.
The following pros and insiders participated in the private placement Ted Dusyk (P), Donald C. Huston (I).
Cypress Development Corp. is a precious and base metal exploration company developing 2 gold projects in Red Lake, Ontario, Canada, and 2 gold projects, a silver/copper project, and a zinc project in Nevada, U.S.A.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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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