By Devika Patel
Knoxville, Tenn., May 19 - Cedar Mountain Exploration Inc. said it plans a C$2 million non-brokered private placement of units.
The company will sell 13,333,334 units at C$0.15 apiece. Each unit consists of one common share and one warrant, with each two-year warrant exercisable at C$0.20 in the first year and at C$0.30 thereafter.
Proceeds will be used for exploration at the Kelly Creek property and for general working capital.
Based in Calgary, Alta., Cedar Mountain explores for gold and base metals.
| Issuer: | Cedar Mountain Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 13,333,334
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20 in the first year, C$0.30 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | May 19
|
| Stock symbol: | TSX Venture: CED
|
| Stock price: | C$0.165 at close May 18
|
| Market capitalization: | C$3.58 million
|
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