TORONTO, Aug. 10, 2016 /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 August 10, 2016, was presented by Corsa's management following the formal portion of the Company's annual and special meeting of shareholders held earlier today (the "Meeting").
The Company is also pleased to announce that shareholders voted in favour of all items of business brought before them at the Meeting.
At the Meeting, the following eight nominees set forth in the management information circular of Company dated July 8, 2016 were re-appointed 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, Arthur Einav, Michael Harrison, Robert Scott and Ronald G. Stovash. In addition, Urish Popeck & Co., LLC, Certified Public Accountants, were 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.
At the Meeting, the Shareholders passed the following additional items of business: (i) a special resolution approving the future consolidation of the Company's issued and outstanding common shares on the basis of one (1) post-consolidation common share for up to 100 pre-consolidation common shares at such time as the Board so determines; (ii) a special resolution authorizing the company to issue an unlimited number of preferred shares, issuable in series, with such rights, privileges, restrictions and conditions as the Board may determine from time to time; and (iii) an ordinary resolution of the disinterested shareholders approving the cancellation and reservation for re-issuance of certain incentive stock options held by insiders of the Company. Additional details surrounding these items of business are available in the Company's management information circular dated July 8, 2016 available under the Company's profile at www.sedar.com.
Information about Corsa
Corsa is one of the leading suppliers of premium quality metallurgical coal, an essential ingredient in the production of steel, which is necessary for the secular trends in global urbanization. Our core business is supplying metallurgical coal with the highest safety, yield, and strength characteristics to domestic steel producers while being a strategic source of supply in the Atlantic and Pacific basin markets. Corsa also offers high heat content, low delivered cost coal to major utilities and industrial users in the Southeast region of the U.S.
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 or possible future issuances of preferred shares of the Company constitutes forward-looking statements, which may prove to be incorrect. These statements are not guarantees of a future consolidation of the common shares of the Company or of future issuances of preferred shares and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual actions to differ materially from any actions expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the shareholders of the Company failing to approve a possible consolidation of the common shares of the Company or the authorization to issue an unlimited number of preferred shares, the failure of the Company to obtain all applicable regulatory approvals (including approval and acceptance of the TSX Venture Exchange), 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 desirability of a possible consolidation of the common shares of the Company to the shareholders of the Company and the Company's ability to obtain all applicable regulatory approvals (including approval and acceptance of the TSX Venture Exchange). 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 in no way passed on the merits of this news 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: Kevin Harrigan, Chief Financial Officer and Corporate Secretary, Corsa Coal Corp., 1-724-754-0028, firstname.lastname@example.org, www.corsacoal.com