Cedar Mountain Closes 1st Tranche of a Private Placement of Units
Cedar Mountain Exploration Inc. (the "Corporation" or "Cedar Mountain") (trading symbol "CED" TSXV) is pleased to announce that it has completed the first tranche of a non-brokered private placement of units (each a "Unit"). A total of 2,091,670 Units at a price of $0.15 per Unit were issued for gross proceeds of $313,750.05. Each Unit issued pursuant to this private placement consists of one common share and one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.25 per common share for a period of 12 months. The securities issued pursuant to this tranche are subject to a four-month hold period which expires on March 6, 2009.
Management of the Corporation acquired 333,333 Units pursuant to this first tranche of the private placement. Cedar Mountain now has 16,076,758 common shares issued and outstanding.
Proceeds of this first tranche of the private placement will be used for general corporate purposes and to increase the Corporation's working capital. The second tranche of the private placement is expected to be completed shortly. The completion of the private placement is subject to TSX Venture Exchange Inc. approval and other regulatory approval
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
About Cedar Mountain Exploration Inc.
Cedar Mountain is a mineral exploration company focused on gold, silver and base metal projects. The Corporation's assets include the Zacatecas, Mexico Properties, Cedar Creek Gold and Lemon Lake Properties in the Cariboo region in central BC and the Venus Property in south-eastern BC. Cedar Mountain is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com
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The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.