CBM Asia proceeds with C$3.8m private placement

By Ruli Setiawan

Vancouver, Canada-based firm CBM Asia announced Monday that it sold a total of 12,120,000 common shares at a price of C$0.10 per share for gross proceeds of C$1,212,000 under its C$5.0 million non-brokered private placement announced on July 26, 2013.

Accordingly, the company is seeking to raise a further C$3.8 million on or before Dec. 31, 2013 through the sale of an additional 38,000,000 common shares at a price of C$0.10 per share to fund production wells and/or further exploration and development costs associated with its coalbed methane production sharing contracts in Indonesia as well as general corporate and working capital expenses.

CBM Asia owns stakes in various coal-bed methane assets in Indonesia, including the Sekayu PSC, Kutai West PSC, Hulu PSC, Kutai II PSC, Bentian Besar PSC and Kuala Kapuas I PSC.

Editing by Johannes Simbolon