Vancouver, BC., Cypress Development Corp. (TSX.V: CYP) (the "Company") -- announces that it has issued a total of 2,500,000 non flow-through units pursuant to the first tranche closing of a private placement originally announced October 20th and amended October 24th, 2006. Each non flow-through unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share at a price of $0.20 per share until October 31, 2008.
As a finder's fee in connection with the transaction, the Company has issued a further 35,250 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 common shares and warrants issued under the non flow-through placement and any shares issued pursuant to the exercise of share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring March 2, 2007.
Cypress Development Corp. is a diversified precious and base metal exploration and development company with 2 gold properties in Red Lake, Ontario, Canada, and 2 gold properties, a silver-copper property and a zinc property in Nevada, U.S.A.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD G. MYERS
For further information contact:
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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