Finance & Investing | Capital Markets
CBM Asia Initiate C$15 Million Private Placement
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CBM Asia Development Corp. has reported a non-brokered private placement of up to 71,428,572 shares at a price of CAD0.21 per share for gross proceeds of up to CAD15 million.
The net proceeds of the Offering will be used to, among other things, fund the Company's pilot production and/or exploration and development costs on its coalbed methane projects in Indonesia, pay ongoing general and administrative expenses and for unallocated working capital.
A cash finder's fee of up to 6% of the gross proceeds of the Offering may be paid to eligible dealers and finders.
The Offering is subject to the acceptance of the TSX Venture Exchange and is anticipated to close on or about March 29, 2013. All securities to be issued pursuant of the Offering will be subject to a hold period of 4 months and 1…
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