CBM Asia Development Corp. (TSXV:TCF,FWB:IY2) provided an update on the $5,000,000 non-brokered private placement that was announced on July 26, 2013. The first retail tranche has been filled and a second retail tranche is currently being placed, with indications of an additional $1,000,000.
As quoted in the press release:
The first retail tranche has been filled. A second retail tranche is currently being placed with indications of an additional CAD1.0 million. Closing of the first retail tranche will take place immediately following the release of the Company’s pending operational update news release. The management tranche will be executed shortly thereafter.
The Offering is expected to close in several tranches including a management tranche of up to 10% of the total Offering, several retail tranches and an institutional tranche.