/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
TORONTO, Oct. 23, 2013 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or
the "Company") announces that the Board of Directors of the Company
granted stock options to purchase a total of 24,250,000 common shares
of the Company to employees and directors. The grant represents
approximately 3.6% of total shares outstanding. Each director received
1,500,000 options, except Corbin J. Robertson III, George Dethlefsen
and Keith Dyke. Mr. Robertson III and Mr. Dethlefsen, representatives
of the Company's significant shareholder, Quintana Energy Partners L.P.
and its affiliated investment funds ("Quintana"), elected not to
receive any options and Mr. Dyke, President of the Company, received
2,000,000 options. Paul Caldwell, Chief Financial Officer and Corporate
Secretary of the Company, received 1,500,000 options.
The options were granted in accordance with Corsa's Amended and Restated
Stock Option Plan (the "Option Plan"), are exercisable for five years
at a price of C$0.17 per common share and are subject to the terms and
conditions of the Option Plan and TSX Venture Exchange approval. Such
options will vest one-third on the first anniversary of the date of
grant, one-third on the second anniversary of the date of grant and
one-third on the third anniversary of the date of grant. The C$0.17
exercise price represents a premium above current market price and
aligns with the price per common share paid by Quintana as part of the
transaction between the Company and Quintana completed on July
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.
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.
SOURCE: Corsa Coal Corp.
For further information:
Corsa Coal Corp.:
Chief Financial Officer