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Cypress Development Acquires Enertopia Asset in Cash and Stock Transaction.

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Vincent

MANews-(C)2009-2022

Canada-based lithium company Cypress Development Corp. has completed its acquisition of Clayton Valley Lithium Claystone Project from Enertopia Corp. to continue the lithium-bearing units in Cypress' Clayton Valley Lithium Project, located Nevada, the company said.

The purchase consideration for the Enertopia Project comprised USD 1.1m in cash and the issuance of 3m common shares in the capital of Cypress. 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.

In terms of these agreements, Enertopia inter alia agreed to vote in favor of shareholder resolutions supported by Cypress' board of directors' certain limitations to the circumstances under which it could sell the consideration shares, and a 12-month standstill in relation to certain corporate activities pertaining...

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