CBM Asia Development Corp. said it has completed a second closing of its non-brokered private placement totalling 16,346,714 units at a price of $0.18 per Unit for gross proceeds of $2,942,409.
The Company also announced that it has increased the size of the private placement from $5 million to $10 million for a total of 55,555,555 Units at a price of $0.18 per Unit, of which 23,513,968 Units representing gross proceeds of $4,232,515 have been issued to date.
The additional proceeds from the increased offering will be used to, among other things, fund the acquisition and exploration costs of the company’s existing coalbed methane projects in Indonesia, identify and, if warranted, acquire new properties and for general working capital purposes.
[mappress]
LNG World News Staff, February 10, 2012