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VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2016) - Cypress Development Corp. (TSX VENTURE:CYP)(OTC PINK:CYDVF)(FRANKFURT:C1Z1) ("Cypress" or the "Company") is pleased to report the completion of the non-brokered private placement (see news release March 09, 2016) and, as a result of being oversubscribed, has issued 6,000,000 (the "Units") at a deemed price of $0.05 per Unit for net proceeds of $300,000. Each Unit consists of one common share and one non-transferrable share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of $0.055 per share for a period of five years from the date of issuance. Shares issued in connection with this private placement including any shares issued as a result of the exercise of any Warrants will be subject to a hold period expiring four months and one day from the date of issuance. Aggregate finder's fees of $8,735 cash and 174,650 agents warrants ("Agent Warrants") has been paid in connection with part of this offering. The Agent Warrants are subject to the same terms and conditions as the subscriber Warrant. Insiders subscribed for 2,080,000 units. |
