CBM Asia closes first tranche of C$5m private placement
Tuesday, August 27 2013 - 01:53 AM WIB
Vancouver-based firm CBM Asia Development Corp. said it has completed the first tranche of the planned C$5 million non-brokered private placement, raising gross profit of $860,000.
?The company has completed a first retail tranche of 8,600,000 common shares at a price of $0.10 per share for gross proceeds of $860,000, subject to finder's fees totaling $36,750,? it said in a statement received Monday.
A second retail tranche is currently being placed with a view to completing same by the first or second week of September, 2013, CMB Asia said.
The company has also received agreements from management and directors to acquire a total of 5,177,342 common shares at a price of $0.10 per share representing an aggregate value of $517,734. These agreements remain subject to the acceptance of the TSX Venture Exchange.
Proceeds from the private placement will be used among others to finance the development of the company?s CBM projects in Indonesia.
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 Reiner Simanjuntak