CBM Asia (CBMDF)

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CBM Asia Arranges $912,000 Financing
Mar. 23, 2011 (Marketwire Canada) --

VANCOUVER, BRITISH COLUMBIA -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that it has arranged, subject to regulatory approval, a non-brokered private placement of 5,364,705 common shares at a price of $0.17 per share for gross proceeds of $912,000. The private placement also includes an over-allotment option, at the sole discretion of the Company, to increase the size of the placement by up to an additional $100,000 or 588,235 shares.

The net proceeds of the private placement will be used to fund the further exploration and development of the Company's coalbed methane interests in Indonesia and for general working capital purposes.

A finder's fee is payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange.

The Company also announces completion of the second tranche of its previous private placement of common shares announced on March 3, 2011. The Company issued an additional 657,089 common shares at a price of $0.15 per share for proceeds of $98,563 for a total private placement of 4,290,379 shares for gross proceeds of $643,557. All shares issued pursuant to the second tranche of the private placement are subject to a four month and one day hold period expiring on July 12, 2011.