CBM Asia Development said that it has 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.
Accordingly, the company is seeking to raise a further C$3.8 million on or before December 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.
A finder’s fee of up to 6% cash and 5% finder’s warrants may be paid to eligible dealers and finders in connection with the offering. Each finder’s warrant will entitle the holder to purchase one common share of the company at a price of C$0.10 for a period of 12 months after closing.
LNG World News Staff, November 26, 2013