VANCOUVER, BRITISH COLUMBIA, Dec. 18, 2009 (Marketwire) -- Cypress Development Corp. (TSX VENTURE:CYP) announces that, further to its news releases of November 24th and December 7, 2009, the Company has raised in its first tranche closing the sum of $1,571,850 by the issuance of 10,479,000 flow-through units at a price of $0.15 per unit.
The funds raised will be applied to the continuing winter drill program on the Company's Broulan Reef gold project located in Red Lake, northwestern Ontario.
Each flow-through unit consists of one flow-through common share and one share purchase warrant. Each warrant entitles the holder to purchase one non flow-through common share of the Company at a price of $0.20 per share until 4:00 p.m. (Vancouver time), December 17, 2011. A 7% cash finder's fee of $89,250 was paid in connection with the first tranche closing. The common shares comprising the units and any shares acquired on exercise of the warrants forming part of the units will be subject to a four month restriction on re-sale expiring on April 18, 2010.
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
To find out more about Cypress Development Corp. (TSX VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.