VANCOUVER, BC, May 5, 2022 /CNW/ - Cypress Development
Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress"
or "the Company") is pleased to announce that it has completed its
acquisition of Enertopia Corporation's ("Enertopia") Clayton Valley
Lithium Claystone Project ("Enertopia Project") located adjacent to
the Cypress Clayton Valley Lithium Project in Nevada ("Cypress Project").
"We are pleased with the addition of Enertopia's property,"
commented Dr. Bill Willoughby,
President, and CEO of Cypress. "The property is a continuation of
the lithium-bearing units in Cypress' project, with Enertopia's
drilling having shown similar values of lithium. With this
consolidation, the data will be incorporated into our resource
model and has the potential to enhance the project through our
Feasibility Study underway. We expect this consolidation of Clayton
Valley lithium claystone projects to be of significant value for
both Enertopia and Cypress shareholders."
The purchase consideration for the Enertopia Project comprised
US$1.1 million in cash and the
issuance of 3,000,000 common shares in the capital of Cypress
("Consideration Shares"). The transaction also included Enertopia
entering into an Irrevocable Proxy and Voting Agreement and Lock-Up
Agreement with Cypress in relation to the Consideration Shares.
(See Company's February 24, 2022 new
release for further information). In terms of these
agreements, Enertopia inter alia agreed to; (i) vote in favor of
shareholder resolutions supported by Cypress' Board of Directors
(ii) certain limitations to the circumstances under which it could
sell the Consideration Shares, and (iii) a 12-month standstill in
relation to certain corporate activities pertaining to Cypress
shares.
In connection with the transaction, the Company has agreed to
pay a finder's fee of US$105,000 to
an arm's-length party, subject to TSX Venture Exchange
approval.
About Cypress Development
Corp
Cypress Development Corp. is a Canadian based advanced stage
lithium company, focused on developing its 100%-owned Clayton
Valley Lithium Project in Nevada,
USA. Cypress is in the pilot stage of testing on material
from its lithium-bearing claystone deposit and progressing towards
completing a Feasibility Study and permitting, with the goal of
becoming a domestic producer of lithium for the growing electric
vehicle and battery storage market.
ON BEHALF OF CYPRESS DEVELOPMENT
CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding
Forward-Looking Statements
This release includes certain statements that may be deemed
to be "forward-looking statements". Forward-looking statements
are subject to risks, uncertainties and assumptions and are
identified by words such as "expects," "estimates,"
"projects," "anticipates," "believes," "could," "scheduled," and
other similar words. 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.
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SOURCE Cypress Development Corp.