CBM Asia announces CAD5m non-brokered private placement
Saturday, July 27 2013 - 03:21 AM WIB
Vancouver-based firm CBM Asia Development Corp. announces 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 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 coal-bed methane (CBM) projects in Indonesia, pay ongoing general and administrative expenses and for unallocated working capital, the company said in a press statement on Friday.
CBM Asia owns stakes in various coal-bed methane assets in Indonesia, including the Sekayu PSC, Hulu PSC, Kutai II PSC, Kutai-West PSC, Bentian Besar PSC and Kuala Kapuas I PSC.
Editing by Benget Besalicto ST