CBM Asia Development Corp. said that it has completed a third tranche of its non-brokered private placement totalling 49,605,281 units at a price of $0.18 per unit for gross proceeds of $8,928,950.
To date, the company has issued a total of 73,119,249 units representing gross proceeds of $13,161,465 with a total of 151,908,836 common shares currently outstanding.
“ The capital raised during this financing has major positive implications for the Company. First and foremost, the capital raised will cover the Company’s 2012 primary operating budget focused on drilling activities in the Kutai West PSC and the Sekayu PSC ” commented Mr. Alan Charuk, CBM Asia’s CEO and President .
“ Furthermore, this financing substantially broadens CBM Asia’s shareholder base and for the first time includes a number of prominent institutional investors from London, New York, Toronto, Vancouver and Hong Kong who understand the value proposition that the Company’s assets provide. The institutions have expressed strong support for management’s goal of continuing to expand the Company’s asset portfolio while at the same time de-risking its current projects. ”
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LNG World News Staff, March 10, 2012