CBM Asia Development Corp. (TSXV:TCF) announced a non-brokered private placement of 71,428,572 shares at CAD 0.21 per share for gross proceeds of CAD 15,000,000 on March 6, 2013. The securities to be issued are subject to a hold period of four months and one day after the issuance. The company will pay a cash finder's fee of 6% of the gross proceeds in the transaction. The transaction is expected to close on or about March 29, 2013.

On April 1, 2013, the company announced that it has received preliminary offers from institutional investors and regional oil & gas companies for multi-year financing structures that would fund the company through its exploration phases of its coal bed methane Production Sharing Contracts in Indonesia. The company is currently supporting the respective due diligence and expects the process to take several more weeks to be concluded.

On May 9, 2013, the company announced that it has engaged Cantor Fitzgerald Europe to act as lead European book runner for the transaction to raise entire proceeds of the transaction.

On July 26, 2013, CBM Asia Development Corp. cancelled the transaction.