Corsa Coal announces release of updated Investor Presentation and results of annual and special meeting
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TORONTO, Sept. 18, 2013 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") is pleased to announce that an updated version of the Company's Investor Presentation is now available on its website at www.corsacoal.com. This Investor Presentation, dated September 2013, has been updated to include information on the Company's recent transaction with Quintana Kopper Glo Investment, LLC and was presented by Corsa's management following the formal portion of the Company's annual and special meeting.
The Company is also pleased to announce that shareholders voted in favour of all items of business brought before them at the Company's annual and special meeting of shareholders (the "Meeting") held today.
At the Meeting, the following nine nominees set forth in the management information circular of Company dated August 19, 2013 were elected as directors of the Company (the "Board") to hold office until the close of the next annual meeting of the Company's shareholders: Corbin J. Robertson III, John H. Craig, Alan M. De'ath, George G. Dethlefsen, Keith D. Dyke, Michael Harrison, Robert Scott, Daniel D. Smith and Ronald G. Stovash. In addition, Ernst & Young LLP, Chartered Accountants, were re-appointed as auditors of the Company. Shareholders also approved and ratified the Company's amended and restated stock option plan, in accordance with the requirements of the policies of the TSX Venture Exchange ("TSXV").
The Company also received shareholder approval at the Meeting for a potential future consolidation of the Company's issued and outstanding common shares on the basis of up to 20 pre-consolidated shares for each post-consolidation share, or such lesser ratio that the Board, in their sole discretion, may determine to be appropriate (the "Share Consolidation"). The Board believes it may be in the best interest of the Company to consolidate its common shares, and such a consolidation may enhance their marketability as an investment and could facilitate additional financings in the future. Although approval for the Share Consolidation has been obtained, such a Share Consolidation would only become effective at a date in the future to be determined by the Board when the Board considers it to be in the best interest of the Company to implement such a Share Consolidation. The Board has the authority to elect not to proceed with the Share Consolidation at any time if the Share Consolidation is not deemed to be in the best interest of the Company, in its sole discretion. The Share Consolidation is also subject to TSXV acceptance.
About Corsa Coal Corp.
Corsa's primary business is the mining, processing and selling of metallurgical and thermal coal as well as actively exploring, acquiring and developing resource properties consistent with its coal business.
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein relating to a possible future consolidation of the common shares of the Company and certain information in the Company's Investor Presentation, including management's assessment of future plans and operations based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect, constitute forward-looking statements, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "estimates", "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Corsa's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements and the forward-looking statements herein related to a possible future share consolidation are not guarantees of a future consolidation of the common shares of the Company. These risks and uncertainties include, but are not limited to: the failure of the Company to obtain all applicable regulatory approvals (including approval and acceptance of the TSXV) in connection with the possible future share consolidation; the marketability of the Company's common shares post-Share Consolidation; liabilities inherent in coal mine development and production; geological, mining and processing technical problems; inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with the mining and processing of coal; unexpected changes in coal quality and specification; risks that the coal preparation plants will not operate at production capacity during the relevant period; variations in the coal preparation plants' recovery rates; dependence on third party coal transportation systems; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; changes in the regulations in respect to the use, mining and processing of coal; changes in regulations on refuse disposal; the effects of competition and pricing pressures in the coal market; the oversupply of, or lack of demand for, coal; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of coal products, including labor stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks; and management's ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this press release are based on certain assumptions regarding, among other things, the Company's ability to obtain all applicable regulatory approvals (including approval and acceptance of the TSXV) in connection with the possible future share consolidation. There can be no assurance that forward-looking statements will prove to be accurate, as actual actions and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this press release unless required by law.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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