Source: Cyprus Development Corp.
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  • Cypress Development (CYP) has announced a bought deal offering for gross proceeds of $12,000,000
  • PI Financial Corp., acting as the underwriter and bookrunner, has agreed to purchase 6,000,000 units at a price of $2.00 per unit
  • Cypress has granted the underwriter an over-allotment option
  • The net proceeds from the offering are expected to be used to fund ongoing development and permitting activities at its Clayton Valley Lithium Project in Nevada
  • Cypress Development is a Canadian based advanced stage lithium exploration company
  • Cypress Development Corp. (CYP) opened trading at C$2.19 per share

Cypress Development (CYP) has announced a bought deal offering for gross proceeds of $12,000,000.

PI Financial Corp. acting as the underwriter and bookrunner has agreed to purchase 6,000,000 units at a price of $2.00 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant can be exercised for one common share at an exercise price of $2.65.

Cypress has granted the underwriter an over-allotment to purchase up to an additional 15 per cent of the units sold.

The net proceeds from the offering are expected to be used to fund ongoing development and permitting activities at its Clayton Valley Lithium Project in Nevada and for working capital and general corporate purposes.

The offering is expected to close on or about February 3, 2022, and is subject to the approval of the TSX Venture Exchange.

Cypress Development is a Canadian-based advanced-stage lithium exploration company, focused on developing its 100 per cent owned Clayton Valley Lithium Project in Nevada.

Cypress Development Corp. (CYP) opened trading at C$2.19 per share.

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