CBM Asia Development Corp. (TSXV:TCF) announced a non-brokered financing of up to CAD15 million – 71,428,572 shares at a price of CAD0.21 per share – subject to the acceptance of the TSX Venture Exchange and anticipated to close on or about March 29, 2013.
As quoted in the press release:
“Resource appraisers from Netherland, Sewell and Associates, Inc. (NSAI) and CBM completion engineers from Advanced Resources International, Inc. (ARI) are conducting their detailed assessments of the Barito Basin CBM blocks in preparation for the Company’s drilling projects later this year. Based on discussions with both parties we are more encouraged than ever to pursue this great opportunity,” states Al Charuk, President and CEO of CBM Asia. “The funds raised from this private placement will be invested directly into the Barito Basin and Central Sumatra Basin production drilling with the goal of achieving first production by year-end, a critical milestone for CBM Asia. An MOU to sell gas from the Barito Blocks has already been signed.”