Cypress Development Corp (TSXV: CYP) announced today the definitive agreement to acquire Enertopia Corporation’s (OTCQB: ENRT) Clayton Valley lithium claystone project. The property is immediately adjacent to Cypress Development’s own Clayton Valley lithium project.
Under the terms of the transaction, the company will pay US$1.1 million in cash and issue 3,000,000 Cypress common shares. The acquisition is expected to close in April 2022, subject to customary closing conditions.
The move is said to consolidate the company’s land position in Clayton Valley, Nevada.
“This is a strategic acquisition, and it will potentially aid in optimization, and production schedule development for our upcoming Feasibility Study,” said Cypress Development CEO Bill Willoughby.
The project comprises 17 unpatented mining claims totaling 160 contiguous acres. In a March 2020 report, the property reported 82 million tonnes of 1,121 parts per million lithium in indicated resource category and 18 mt of 1,131 ppm lithium in inferred resource category.
Cypress Development last traded at $1.30 on the TSX Venture, then fell around 8% after the market opened today.
Information for this briefing was found via Sedar and Cypress Developments. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.