CBM Asia Raises Funds for Expansion

CBM Asia Development Corp. has raised more than $4 million from a non-brokered private placement of some shares to finance its projects in Indonesia.

The company expects to raise around $16 million from the placement which will be used fund the acquisition and exploration of existing coalbed methane projects in Indonesia, and also identify new prospects.

CBM Asia is a Canadian-based unconventional gas company with significant coalbed methane (CBM) exploration and development opportunities in Indonesia.