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Cypress Development Provides Update on Water Rights Purchase
Cypress Development Provides Update on Water Rights Purchase Canada NewsWire ...
About this update from Century Lithium Corp
[{"type":"text","content":"\n \n \n \n Cypress Development Provides Update on Water Rights Purchase\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSXV: CYP | OTCQB: CYDVF\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 3, 2021\n \n /CNW/ -\n \n Cypress Development Corp.\n \n (TSXV: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (\"Cypress\" or \"the Company\") is pleased to report that the Nevada Division of Water Resources (\"NDWR\") has granted an extension to Nevada Sunrise Gold Corp  for its Nevada Water Right Permit 44411 (the \"Permit\"). The extension of time granted by the NDWR to\n \n August 28, 2022\n \n , was a key condition precedent for the purchase of the Permit by Cypress (the \"Transaction\"). The parties will now proceed with the closing of the Transaction.\n \n \n \n \n \n \n \n \n \n The Permit allows for the beneficial use of 1,770 acre/feet of water annually for mining, milling and domestic use and is an essential component of Cypress's plans for the development of its Clayton Valley Lithium Project in\n \n Esmeralda County, Nevada\n \n .\n \n \n As previously announced on\n \n \n \n May 10, 2021\n \n \n \n , Cypress and Nevada Sunrise Gold Corp agreed that Cypress would purchase the Permit for\n \n US$3.0 million\n \n , of which Cypress has already paid\n \n US$150,000\n \n .  The remaining\n \n US$2.85 million\n \n will be paid in a combination of cash and Cypress common shares upon receipt of all necessary regulatory approvals and transfer of the Permit to Cypress (the \"Closing Payment\"). The Closing Payment comprises\n \n US$2.0 million\n \n in cash and the issuance of Cypress common shares to the value of\n \n US$850,000\n \n (the \"Share Issuance\").\n \n \n The Agreement is subject to terms and conditions customary for a transaction of this nature, including TSX Venture Exchange approval of the Share Issuance.\n \n \n \n About Cypress Development Corp.\n \n \n \n Cypress Development Corp. is a Canadian advanced-stage lithium exploration company, focused on developing its 100%-owned Clayt...