VANCOUVER, B.C., Dec. 02, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) announces a non-brokered private placement of up to 3,000,000 units at a price of $0.10 per unit ("Unit") to raise gross proceeds of up to $300,000. Each Unit will consists of one common share and one non-transferable share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase an additional common share for a period of three years at a price of $0.125 per share from the closing date of the private placement.
A finder's fee of 7% in cash and 7% in non-transferable warrants ("Finder's Warrant") may be paid in connection with part of this private placement. Each Finder's Warrant will entitle the finder to purchase a common share of Cypress at a price of $0.125 per share for a period of three years from the closing date of the private placement.
The Company intends to utilize the proceeds of this private placement to continue to advance its lithium projects in Clayton Valley, Nevada and for general working purposes.
