Mr. A. Murray Sinclair

April 22, 2010 15:17 ET

A Murray Sinclair Acquires 14.60% Ownership on a Basic Basis and 25.48% Ownership on a Diluted Basis in Cypress Hills Resource Corp. ("Cypress" or the "Company")

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2010) - Mr. A. Murray Sinclair, announces that, as a result of the Company's issuance of shares in settlement of indebtedness with arm's length parties and insiders pursuant to a previously announced shares for debt transaction (the "Debt Settlement") concurrent with a private placement (the "Private Placement") of units ("Units") of Cypress, each Unit being comprised of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Warrant"), which occurred on April 21, 2010, Mr. Sinclair acquired directly or indirectly 1,681,250 Common Shares and 1,681,250 Warrants due to his participation in the Debt Settlement and Private Placement. Mr. Sinclair subscribed for Units at a price of $0.16 per Unit and exchanged debt for Common Shares at a deemed price of $0.16 per Common Share for total consideration of $269,000. 

As a result, Mr. Sinclair now owns directly or indirectly, or exercises control over a total of 1,681,250 Common Shares and 1,681,250 Warrants, representing on a basic basis 14.60% of the issued and outstanding Common Shares and on a diluted basis (assuming that only Mr. Sinclair's Warrants are exercised) approximately 25.48% of the issued and outstanding Common Shares, and the aforementioned Warrants.

Mr. Sinclair acquired Common Shares pursuant to the Debt Settlement and acquired Common Shares and Warrants for investment purposes pursuant to the Private Placement and may, from time to time on an individual or joint basis, acquire additional securities of Cypress, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.

TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONNECTION WITH THIS MATTER, PLEASE CONTACT THE UNDERSIGNED.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mr. A. Murray Sinclair
    Vancouver, BC
    (604) 689-1428