TORONTO, July 5, 2013 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or
the "Company") provides an update on the transaction (the
"Transaction") with Quintana Kopper Glo Investment, LLC and announces
the resignation of a Director.
Quintana Kopper Glo Transaction
A summary of the Transaction and of related documents is set out in
Corsa's material change report dated March 28, 2013, available on sedar.com.
In accordance with the requirements of the TSX Venture Exchange (the
"Exchange"), Corsa has submitted for review to the Exchange a Filing
Statement in respect of the Transaction together with a NI 43-101
compliant technical report on Kopper Glo's material property.
Corsa expects to seek approval of a majority (50%) of its shareholders
(by written consent) late in July, once the Exchange advises that the
Filing Statement has been accepted for filing. At this time,
shareholders holding approximately 50.3 per cent of the currently
outstanding shares of the Company have agreed to vote in favour of the
Transaction which is sufficient to achieve the required approval. The
Transaction is targeted to close by the end of July 2013. Completion of
the Transaction is subject to a number of conditions, including
Exchange acceptance and shareholder approval. The Transaction cannot
close until the required shareholder approval is obtained. There can be
no assurance that the Transaction will be completed as proposed or at
all. Investors are cautioned that, except as disclosed in the Filing
Statement to be prepared in connection with the Transaction, any
information released or received with respect to the Transaction may
not be accurate or complete and should not be relied upon. Trading in
the securities of Corsa should be considered highly speculative.
The Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of
this press release.
Resignation of a Director
Corsa today announced that, in connection with the Transaction, as well
as for personal reasons, Mr. Colin Benner has resigned from the Board
of Directors of Corsa. Michael Harrison has been appointed as the new
Chairman of the Board.
Don Charter, President and CEO stated "On behalf of management and the
entire Board, we thank Colin, both professionally and as a friend, for
his significant contribution as the founding Chairman of Corsa. Colin's
experience and guidance have been invaluable to the evolution of the
Information about Corsa
Corsa's primary business is the mining, processing and selling of low
volitile metallurgical coal, as well as actively exploring, acquiring
and developing resource properties consistent with its coal business.
Certain information set forth in this press release relating to the
expected timing to seek shareholder approval and to close the
Transaction contain "forward-looking statements" and "forward-looking
information" under applicable securities laws. Such information
includes management's assessment of expected timing and is based on
current internal expectations, assumptions and beliefs, which may prove
to be incorrect. These forward-looking statements may be identified by
words such as "expects" and "targeted". These statements are not
guarantees of actual timing to seek shareholder approval or to close
the Transaction. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties, which may cause timing to be
different, potentially materially, than expressed or implied by such
forward-looking statements. These risks and uncertainties include, but
are not limited to the time it will take for Corsa to obtain approval
of the Exchange for the Filing Statement and other factors that could
delay or prevent closing of the Transaction. There can be no assurance
that forward-looking statements will prove to be accurate, as actual
timing 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
such forward looking statements, unless required to do so by law.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and 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.:
President and Chief Executive Officer