I'd recommend going direct to site owners and cut out the middle-man. This is a great way to get the best deals and even better ones as you establish an ongoing relationship.
I think you can get better bang for your buck with CPC - as apposed to CPM this can blow through your budget very quickly - especially if the site gets a lot of visitors. But if you just wan to advertise something for brand awareness (like your own products), then CPM can be good.
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