Cedar Mountain Exploration Inc. Announces Amendment to Private Placement of Units

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[{"type":"text","content":"\nCedar Mountain Exploration Inc. Announces Amendment to Private Placement of Units\n\n(via Thenewswire.ca)\n\n \nFebruary 23, 2012 Vancouver, British Columbia - Cedar Mountain\nExploration Inc. (CED: TSX-V) (\"Cedar Mountain\" or the\n\"Company\") is pleased to announce that, further to its\nprevious announcement on February 20, 2012, the Company has agreed to\namend the terms of its previously announced private placement of units\n(\"Units\"), to increase the Over-Allotment Option (as defined\nbelow) in the brokered offering by C$200,000 and to increase the\nnon-brokered offering by C$200,000.\n\n\n \nCanaccord Genuity Corp. (the \"Agent\") has agreed to sell up\nto 15,000,000 Units on a private placement commercially reasonable\nefforts basis at a price of C$0.20 per Unit for gross proceeds of up\nto C$3,000,000 (the \"Base Offering\"). In addition, the\nCompany will grant the Agent an over-allotment option, exercisable up\nto 48 hours prior to the closing of the Offering, to purchase from the\nCompany up to an additional 6,000,000 Units at C$0.20 per Unit to\nraise additional gross proceeds of up to C$1,200,000 (the\n\"Over-Allotment Option\", and together with the Base\nOffering, the \"Offering\"). The Over-Allotment Option has\nbeen increased by $200,000 from the original announcement.\n\n\n \nEach Unit shall consist of one common share of the Company and one\nhalf of one common share purchase warrant (each whole warrant, a\n\"Warrant\"). Each Warrant shall be exercisable into one\ncommon share of the Company for a period of 24 months from closing at\nan exercise price of C$0.35 per share.\n\n\n \nIn addition, the Company will concurrently offer up to 11,000,000\nUnits through a non-brokered private placement at the same price as\nthe Offering for aggregate gross proceeds of up to C$2,200,000. The\nnon-brokered private placement has been increased by $200,000 from the\noriginal announcement.\n\n\n \nThe Agent will receive a cash fee on the sale of the Units of 6.5% of\nthe gross proceeds raised under the Offering, broker warrants\n(\"Broker Warrants\") equal to 10% of the Offering and a\ncorporate finance fee of 350,000 Units. Each Broker Warrant shall be\nexercisable for one common share of the Company at a price of C$0.20\nat any time up to 24 months after closing.\n\n\n \nThe proceeds raised under the Offering will be u...

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