Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) ("Cypress" or the "Company") announces, further to its news release on January 25th, that the Company has extended the closing of its private placement by up to 30 days.
The non-brokered private placement of up to 5,000,000 units at a price of $0.05 per unit ("Unit") will raise gross proceeds of up to $250,000. Each Unit will consists of one Cypress common share and one non-transferable Cypress warrant ("Warrant"), with each Warrant entitling the holder to purchase an additional common share for a period of five years at a price of $0.055 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 $0.055 per share for a period of five years from the closing date of the private placement.
The Company intends to utilize the proceeds of this private placement for exploration on its newly acquired lithium properties in Nevada and for general working capital purposes.
Cypress' Clayton Valley Project is located on the south flank of "Angel Island" and immediately southeast of the Albemarle Silver Peak lithium mine. The acquired claims share their western boundary with placer claims controlled by Pure Energy Minerals.
Cypress' highly prospective "Glory" and "Angel" claims are located within 0.5 miles (<1000m) south of current and past producing lithium brine wells belonging to the Albemarle Silver Peak Mine.
The Albemarle Silver Peak Mine is the only operating brine based lithium mine in North America. The Silver Peak area is one of the oldest mining areas in Nevada having produced substantial amounts of silver, gold and other minerals. The Silver Peak Mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then.
The private placement is subject to TSX Venture Exchange acceptance.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc-silver exploration company developing projects in Nevada, U.S.A.
Cypress Development Corp. has approx. 17.8 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
DONALD G. MYERS
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.