Mr. Richard Graham reports
CYPRESS HILLS RESOURCE CORP. CORPORATE UPDATE
Cypress Hills Resource Corp. has obtained final acceptance of the TSX Venture Exchange in respect of its application for reactivation and graduation to the TSX-V as a Tier 2 mining issuer. Effective Feb. 3, 2021, trading in the corporation's common shares will take place on the TSX-V under the trading symbol CHY.
The corporation's application for reactivation and graduation was based on the acquisition of the right to earn up to an undivided 80-per-cent interest in 267 quartz mining claims, located in the Whitehorse mining district, Yukon territory, owned by Strategic Metals Ltd. Based on the reactivation, an initial payment of $15,000 and the issuance of 25,000 common shares at a deemed price of 35 cents per share were payable to Strategic. For further details of the acquisition, please refer to the Cypress press release dated Nov. 20, 2020.
In conjunction with the reactivation, Cypress also announces that it has disposed of Cypress Hills Holdings Corp., its wholly owned subsidiary, which held all its oil and gas interests. The disposition was considered an arm's-length transaction pursuant to TSX-V policies.
Following completion of the reactivation, Ted Fostey, Richard Graham, Brian Bayley, Timothy Collins and Michael Thackray will continue to serve as directors of the corporation. Mr. Graham will continue to serve as president and chief executive officer, John Downes will continue to serve as chief financial officer, and Sandra Lee will continue to serve as the corporate secretary.
We seek Safe Harbor.
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