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Release – Cypress Development Completes Enertopia Asset Acquisition

Natural Resources
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Cypress Development Completes Enertopia Asset Acquisition

Research, News, and Market Data on Cypress Development

VANCOUVER, BC, May 5, 2022 /PRNewswire/ – 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.

SOURCE Cypress Development Corp.


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