CALGARY, ALBERTA--(Marketwired - Feb. 6, 2014) - Mr. Ted. J. Fostey, President and Chief Executive Officer and a director of Cypress Hills Resource Corp. ("Cypress" or the "Company"), 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") and a private placement (the "Private Placement") of common shares ("Shares") of Cypress which occurred on February 6, 2014, Mr. Fostey acquired directly or indirectly 2,661,688 Common Shares due to his participation in the Debt Settlement and Private Placement. Mr. Fostey subscribed for 444,444 Shares at a price of $0.1125 per Share and exchanged debt for Common Shares at a deemed price of $0.1125 per Common Share for total consideration of $299,440.
As a result, Mr. Fostey now owns directly or indirectly, or exercises control over a total of 3,412,245 Common Shares, representing 34.25% of the issued and outstanding Common Shares.
Mr. Fostey acquired Common Shares pursuant to the Debt Settlement and 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.
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.