CPM stands for "cost per 1000 impressions". CPM ads addon for XYZ Admarket allows your advertisers to run ads by setting price for thousand impressions. And for your publishers, CPM addon allows to earn revenue from ad impressions on their web pages.
Unlike CPC/PPC ads, advertisers will have to prepay from their account balance for CPM ads. However an advertiser can cancel a CPM ad anytime during the period of display; upon cancellation, the balance available in the prepaid amount shall be credited back to the advertiser account balance.