Cedar Mountain Announces $2 Million Private Placement Offering
2010年5月19日 - 9:30PM
Marketwired
Cedar Mountain Exploration Inc. (the "Corporation") (TSX VENTURE:
CED) today announced that it will be offering on a non-brokered
private placement basis (the "Offering") up to 13,333,334 units of
the Corporation ("Units") at a price of $0.15 per Unit for gross
proceeds of $2,000,000 if the Offering is fully subscribed. The
proceeds will be used to fund exploration at Cedar's Kelly Creek
property and general working capital.
Each Unit will consist of one common share of the Corporation
("Common Share") and one non-transferable share purchase warrant
("Warrant") entitling the holder to acquire one additional Common
Share at a price of $0.20 if exercised within 12 months of issuance
and $0.30 if exercised after 12 months of issuance. The Warrants
will expire on the earlier of: (a) 30 days following the issuance
of a news release by the Corporation that the trading price of the
Shares on the TSX Venture Exchange is at or greater than $0.40 per
Common Share for 10 consecutive trading days; and (b) 24 months
from the date of issuance. The Units will be offered to qualified
purchasers in reliance upon exemptions from the prospectus and
registration requirements of applicable securities legislation.
Insiders of the Corporation may participate in the Offering.
The Offering is subject to acceptance by the TSX Venture
Exchange ("Exchange") and if permitted under applicable securities
laws and by the Exchange, the Corporation will pay a finder's fee
to registered dealers equal to 10% of the gross proceeds realized
from sales of Units made to purchasers referred to the Corporation
by such dealer (which may be paid in either cash or Common Shares
at a deemed price of $0.15 per Common Share, at the sole discretion
of the Corporation) and issue to such dealer non-transferable share
purchase warrants entitling the dealer to acquire that number of
Common Shares equivalent to 10% of the Units sold to purchasers
referred to the Corporation by such dealer on terms identical to
the Warrants of the Units.
The Kelly Creek Property
The Kelly Creek Project is a drill-permitted early-stage
exploration property of 32,640 acres (13,209 hectares) with
historic results indicating the presence of a sediment-hosted gold
deposit located 145 km north of Nome, Alaska on the Seward
Peninsula within the prolific Nome mining district, which has
historically recorded placer gold production of 5 million ounces.
Infrastructure in the region is favorable and a winter road runs
through the property's eastern boundary.
Kelly Creek is a gold exploration project with numerous
open-ended, multi-element, coincident gold (Au), arsenic (As),
antimony (Sb) soil anomalies which have been tested with a
positive, albeit limited drilling program. Geological and
geochemical results to date are indicative of a sediment-hosted
gold deposit. A well known type of sediment-hosted gold deposit is
the Carlin Trend, Nevada.
Gold mineralization at Kelly Creek is hosted in a metamorphosed
Devonian-Silurian carbonate-shale platform-shelf sequence and is
associated with the intersection of specific stratigraphic horizons
and secondary fault splays. This prospective stratigraphy is
exposed along a 15 km x 5 km corridor bounded by regional faults.
The majority of the corridor is only sparsely investigated by
geochemical surveys and the additional claims were staked to
protect the strike extent of the prospective stratigraphy.
The gold mineralization at Kelly Creek was discovered by
Anaconda Copper Mining Co. (Anaconda) as part of a regional stream
sampling project focused on tin exploration in the early 1980's,
when the significance of sediment-hosted gold deposits was not well
known. Following up a positive gold stream anomaly with a small,
but encouraging soil survey, Anaconda drilled two holes into the
target horizon returning results of 1.07g/t over 23.5m and 0.83g/t
over 32m respectively. Anaconda pulled out of Alaska for corporate
reasons a year later in 1985.
Cedar's disclosure of a technical or scientific nature in this
press release has been reviewed and approved by Cedar's Vice
President of Exploration, Mr. David Clarke M.Sc., P.Geol. who
serves as a Qualified Person under the definition of National
Instrument 43-101. The Kelly Creek property represents an early
stage exploration property and does not contain any mineral
resources as defined by National Instrument 43-101.
Cedar is a member of the Discovery Group of Companies:
www.discoveryexp.com.
Contacts: Cedar Mountain Exploration Inc. Charles Chebry, B.Sc.,
CMA Chief Executive Officer (403) 283-0001 charles@chebry.com Cedar
Mountain Exploration Inc. David Clarke, M.Sc., P.Geol. Vice
President, Exploration (604) 805-1998 davidc@cedarmountainexp.com
www.cedarmountainexp.com
Cedar Mountain Exploration Inc. (TSXV:CED)
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