Cypress Development Corp (TSXV: CYP) this evening announced that it will be conducting a $8.5 million bought deal financing. The financing is to be lead solely by that of PI Financial.
The financing will see the sale of 6.8 million units of the company at a price of $1.25 per unit. Each unit is to contain one common share and one common share purchase warrant. Each warrant is valid for a period of three years from the date of issuance and contains an exercise price of $1.75 per share.
An over-allotment option has also been granted, valid for a period of thirty days from the closing of the transaction.
Proceeds from the financing are to be used for the ongoing development of the firms Clayton Valley lithium project in Nevada as well as for general work capital purposes.
The financing is currently anticipated to close March 3, 2020.
Cypress Developments last traded at $1.51 on the TSX Venture.
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.
One Response
Hey Jay! That’s great you’re covering Cypress Development Corp! Please update your story with the following corrections:
1. Yesterday (Feb 9) they upsized the Private Placement financing to $17Million!
2. Please correct the name from “Cypress Developments” to “Cypress Development” (singular)!
Thanks!