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CBM Asia Development Corp Announces CAD5.0 Million Non-Brokered Private Placement

Friday, 26 Jul 2013 05:00pm EDT 

CBM Asia Development Corp announced a non-brokered private placement of up to 50,000,000 shares at a price of CAD0.10 per share for gross proceeds of up to CAD5.0 million (the Offering) in place of the Company's previously announced private placement on May 9, 2013. The net proceeds of the Offering will be used to, among other things, fund the production wells and/or exploration and development costs on its coalbed methane projects in Indonesia, pay ongoing general and administrative expenses and for unallocated working capital. The offering is expected to close in several tranches including a management tranche of up to 10% of the total offering. A cash finder's fee of up to 6% of the gross proceeds of the Offering may be paid to eligible dealers and finders. The Offering is subject to the acceptance of the TSX Venture Exchange with the initial tranche closing anticipated to take place on or about August 2, 2013. All securities to be issued pursuant of the Offering will be subject to a hold period of four months and one day. 

Company Quote

3 Jul 2014