NEWSVANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 6, 2013) -
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CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(CBMDF)(IY2.F) provides an update on the CAD5.0 million non-brokered private placement (the "Offering") announced on July 26, 2013.
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 pending operational update will be released once approved by project partners and will highlight:
| 1. |
Barito Basin: development and potential changes to ExxonMobil Joint Venture |
| 2. |
Sekayu PSC: test production flow results and recent completion of the CBMSE-01 core well |
| 3. |
Kutai West PSC: upcoming production test |
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.
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 $0.10 for a period of 12 months after closing.