VANCOUVER (Yosefardi) – CBM Asia confirms the first retail tranche of the C$5 million non-brokered private placement has been filled while the second tranche is being placed.
A second retail tranche is currently being placed with indications of an additional C$1 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: developement 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.