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CBM Asia Development Corp. (TSXV:TCF,US:CBMD,FWB:IY2) reported that the non-brokered private placement announced on March 6, 2013 and April 1, 2013 is moving forward.
As quoted in the press release:
“The management team and Board of Directors have decided to move forward with a CAD15,000,000 non-brokered private placement to fund the proposed production pilot program in the Barito Basin, Indonesia with a view to achieving first commercial production and revenue by year end,” states Alan Charuk, President and CEO.
“Further, the Board has passed a resolution to formally investigate a dual listing on the London AIM Exchange. We believe AIM is a more suitable exchange for CBM Asia given the London investment community’s understanding of Asia and the appetite in the AIM market for early stage oil and gas exploration companies. Any inter-listing on the AIM Exchange would likely occur only after audited results of the ExxonMobil Joint Venture production pilot campaign have been released. Funds raised on AIM would be dedicated towards our development program as well as other exploration opportunities.”
Click here to read the CBM Asia Development Corp. (TSXV:TC,US:CBMD,FWB:IY2) press release
Click here to see the CBM Asia Development Corp. (TSXV:TC,US:CBMD,FWB:IY2) profile.