The company received gross proceeds of $860,000, subject to finder's fees totaling $36,750.
A second retail tranche is currently being placed with a view to completing same by the first or second week of September.
The company has also received agreements from management and directors to acquire a total of some 5.2 million common shares at $0.10 per share representing an aggregate value of $517,734. These agreements remain subject to the acceptance of the TSX Venture Exchange.
All securities issued in connection with the first closing are subject to a hold period of four months and one day expiring Dec. 24.
CBM Asia Development Corp. is an exploration stage company engaged in the acquisition, exploration, and development of gas properties. The company is based in Vancouver, B.C.