By Devika Patel
Knoxville, Tenn., Dec. 16 - Cypress Development Corp. settled a C$1.5 million tranche of a non-brokered private placement of units. The deal priced for C$2 million on Nov. 26 and was amended Dec. 11.
The company sold 8,571,424 units in this tranche.
Cypress plans to sell up to 11,428,571 units of one flow-through common share and one non-transferable warrant at C$0.175 per unit. It had originally planned to sell 10 million units at C$0.20 apiece.
Each two-year warrant will be exercisable at C$0.25 in the first year and at C$0.30 in the second year.
Proceeds will be used for drilling.
Cypress is a metals exploration company based in Vancouver, B.C.
| Issuer: | Cypress Development Corp.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 11,428,571
|
| Price: | C$0.175
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 in the first year, C$0.30 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 26
|
| Amended: | Dec. 11
|
| Settlement date: | Dec. 16 (for C$1.5 million)
|
| Stock symbol: | TSX Venture: CYP
|
| Stock price: | C$0.19 at close Nov. 25
|
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