Cedar Mountain Exploration Inc. (the "Corporation" or "Cedar Mountain") (trading symbol "CED" TSXV) is pleased to announce that it has completed the second and final tranche of its previously announced non-brokered private placement of units (each a "Unit"). Pursuant to this second tranche, a total of 2,484,999 Units at a price of $0.15 per Unit were issued for gross proceeds of $372,749.85. 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 April 20, 2009.
The total gross proceeds raised under this private placement is $686,499.90, of which $313,750.05 was received by the Corporation from the first tranche of the private placement which closed on November 5, 2008. Proceeds of the private placement will be used for general corporate purposes and to increase the Corporation's working capital. The Corporation now has 18,568,424 common shares issued and outstanding.
Finders acting in connection with this private placement received a finder’s fee in the total amount of $8,925 and 6,667 Units. The completion of the private placement is subject to TSX Venture Exchange approval and other regulatory approval.
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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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.