CBM Asia raises another C$255,320 via private placement

By Romel S. Gurky

Vancouver, Canada-based firm CBM Asia Development Corp. announced Thursday it has raised a further C$255,320 from the total C$5 million of non-brokered private placement announced in July of this year.

This is on top of the C$1,212,000 proceeds the company had previously raised as announced on November 26.

The proceeds are expected to fund production wells and/or further exploration and development costs associated with the company?s coal bed 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 Reiner Simanjuntak