- Cypress Development Corp. (CYP) has upsized its private placement with PI Financial Corp. to $16 million
- The financing is now an aggregate of 8,000,000 units of Cypress at a price of $2.00 per unit
- Cypress has granted PI Financial an option to purchase up to an additional 15 per cent of the units sold for 30 days after closing
- The net proceeds from the offering are expected to be used by Cypress to fund ongoing work, development and permitting activities and general working capital
- Cypress Development Corp. (CYP) is down 5.936 per cent trading at $2.06 per share as of 1:38 p.m. EST
Cypress Development Corp. (CYP) has upsized its previously announced private placement with PI Financial Corp. to $16 million.
The financing is now for an aggregate of 8,000,000 units of Cypress at a price of $2.00 per unit.
Each unit consists of one common share of Cypress and one common share purchase warrant.
Each warrant is exercisable for one common share for two years after closing at an exercise price of $2.65.
Cypress has granted PI Financial an over-allotment option to purchase up to an additional 15 per cent of the units sold for 30 days after closing.
The net proceeds from the offering are expected to be used to fund ongoing work, development and permitting activities at its Clayton Valley Lithium Project and for working capital and general corporate purposes.
The closing is expected to take place by February 3 and is subject to certain conditions.
The units issued will be offered by way of a short form prospectus to be filed in each of the provinces of Canada, except Québec.
The units may also be offered in the United States to qualified institutional buyers in a manner that does not require the offering to be registered in the United States.
It can also be offered in certain other jurisdictions in accordance with applicable securities laws.
Cypress Development Corp. (CYP) is down 5.936 per cent trading at $2.06 per share as of 1:38 p.m. EST.