Cedar Mountain Exploration Inc. Closes C$6.4 Million Private Placement of Units
2012年3月6日 - 9:31PM
PR Newswire (Canada)
CED: TSX-V VANCOUVER, March 6, 2012 /CNW/ - Cedar Mountain
Exploration Inc. ("Cedar Mountain" or the "Company") is pleased to
announce that it has closed the private placement announced on
February 20, 2012 and amended on February 23,
2012. The Company sold 32,000,000 units (the
"Units") at a price of $0.20 per Unit for total gross proceeds of
C$6.4 million (the "Offering"). The Offering consisted of
both a brokered (the "Brokered Offering") and a non-brokered (the
"Non-brokered Offering") component. Each Unit consists of one
common share of the Company ("Common Share") and one-half of one
common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant shall be exercisable into one common
share of the Company for a period of 24 months from closing at an
exercise price of C$0.35 per share. Canaccord Genuity Corp. (the
"Agent") led the Brokered Offering, where the Company sold
21,000,000 Units at a price of $0.20 per Unit for gross proceeds of
$4,200,000. In addition, the Agent received a cash fee on the
sale of the securities equal to 6.5% of the aggregate gross
proceeds raised in the Brokered Offering, 2,100,000 broker warrants
(the "Broker Warrants"), which represent 10% of the securities
issued pursuant to the Brokered Offering and a corporate finance
fee of 350,000 Units. Each Broker Warrant shall be
exercisable for one Common Share at a price of C$0.20 at any time
up to 24 months after closing. Pursuant to the Non-brokered
Offering, the Company sold 11,000,000 Units at a price of $0.20 per
Unit for gross proceeds of $2,200,000 under the same terms as
above. In connection with the Non-brokered Offering, the
Corporation paid finder's fees to registered dealers by the
issuance of: (a) a cash fee for an aggregate of C$167,400 equal to
6.5% of the aggregate gross proceeds raised in the Non-brokered
Offering, payable in cash; and (b) non-transferable share purchase
warrants entitling such registered dealers to acquire in the
aggregate, an additional 1,020,000 common shares on the same terms
as the Warrants. Securities issued under the Offering will be
subject to a four month hold period which will expire on July 7,
2012. The Company intends to use the gross proceeds of the Units
issued for exploration and development of the Company's Graphite
Creek project and for general working capital purposes. 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
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available. Following closing of the Offering, the board of
directors granted stock options pursuant to the Company's stock
option plan to officers, directors and consultants of the Company
to acquire an aggregate of 3,400,000 common shares of the Company,
exercisable at a price of $0.28 until March 6, 2017, of which stock
options to acquire 2,550,000 common shares of the Company were
granted to directors and officers of the Company. About Graphite
Creek The Graphite Creek project is an approximately 3,108 hectare
property on the Seward Peninsula of Alaska, 65 kilometres north of
Nome. Mineralization at the Graphite Creek Property is
characterized by immense scale, large-flake high-grade
graphite-bearing garnet biotite quartz schist. Graphite
mineralization is exposed at surface. The coarse crystalline
flake graphite occurs as disseminations and high-grade segregations
and lenses in the distinctive garnet-bearing schist. The host
garnet-bearing schist interval is continuous over 5 kilometres of
strike length, has an approximate thickness of 100 metres, and is
exposed over dip lengths of 100 to 200 metres thus indicating the
potential for 150 to 250 million tonnes of graphite-bearing
rock. The estimate of potential deposit tonnage is based on
the Company's geological mapping in 2011. Four 2011 samples of the
garnet-bearing schist contain 9.1 to 21.8% graphite. Sampling of
high grade lenses within the garnet-bearing schist contains up to
56.9% graphite. A historical composite chip sample across a 16
metre outcrop of garnet-bearing schist contained 8.36% graphite.
Other schists in the area contain 2 to 6% graphite. The potential
size and grade of the Graphite Creek deposit is conceptual in
nature as there has been insufficient exploration to define a
mineral resource and it is uncertain if further exploration will
result in discovery of a mineral resource. The property is 3
kilometres away from intertidal waters at Windy Cove, approximately
20 kilometres away from road systems, and 3 kilometres from an
airstrip to the east. About Cedar Mountain Exploration Inc. CEDAR
MOUNTAIN EXPLORATION INC. is a mineral exploration company with a
clear and distinct business strategy to identify, acquire, and
explore high potential projects ready for rapid advancement.
The Graphite Creek Property on the Seward Peninsula of Alaska fits
with the Cedar Mountain business strategy offering significant
potential for the discovery and development of a large-flake,
high-grade graphite deposit exposed at surface. Cedar
Mountain has an option to earn a 100% interest in the Graphite
Creek project and plans to rapidly advance the Property to a NI
43-101 compliant resource. The graphite market is only beginning to
open up as green technology takes more precedence in the world
today. Graphite is vital for lithium-ion batteries, pebble
bed nuclear reactors, and fuel cells amongst other uses.
Graphite has been named a "supply critical mineral" and a
"strategic mineral" by the USA and European Union as more demand is
being created that surpasses the supply threshold. This has
allowed for the price of graphite to rise, as over the past 7 years
the price has nearly tripled. Graphite is the mineral of
tomorrow and as such, cannot continue to be overlooked and
undervalued. ON BEHALF OF THE BOARD OF DIRECTORS (signed) "Charles
Chebry" Neither the 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. This release includes certain statements
that may be deemed to be forward-looking statements. All statements
in this release, other than statements of historical facts that
address access to capital, regulatory approvals, exploration
drilling, exploitation activities and events or developments that
the Company expects are forward-looking statements. In particular,
but without limiting the foregoing, this press release contains
statements concerning the anticipated use of net proceeds of the
Offering. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements. The
intended use of the net proceeds of the Offering by the Company
might change if the board of directors of the Company determines
that it would be in the best interests of the Company to deploy the
proceeds for some other purpose, such as an acquisition. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and
title and delays due to third party opposition, changes in
government policies regarding mining and natural resource
exploration and exploitation, and continued availability of capital
and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this press release, and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws. For
more information on the Company, investors should review the
Company's continuous disclosure filings that are available at
www.sedar.com Cedar Mountain Exploration Inc. CONTACT: For more
information on Cedar Mountain Exploration Inc. pleasevisitthe
Company's website: www.cedarmountainexp.com or contact:Anthony
HustonVP Business Development & DirectorTel: (604)
697-2862Email: anthonyh@cedarmountainexp.com
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