TORONTO, June 19, 2012 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or
the "Company") is pleased to announce that it has entered into an
agreement with its existing lenders to extend its current US$25 million
facility. The revised US$25 million credit facility is a demand
facility with a 60 day no demand period. There is no cash interest
payable on the loan. The facility continues to be secured with a
pledge of the operating subsidiaries and all other terms and conditions
remain the same. The Company will pay a fee of US$100,000 in
connection with the extension.
Don Charter, President and CEO stated: "Our lenders have been very
supportive of the Company, first with the initial loan which was at
very favourable terms to the Company and now with this extension at
below market rates. They continue to have a bullish outlook for US met
coal and are pleased to support the Company while it seeks a long term
alternative to the facility on reasonable terms."
Information about Corsa
Corsa's main operating subsidiaries are Wilson Creek Energy LLC and
Maryland Energy Resources LLC based in Somerset County, Pennsylvania.
Its primary business is the mining, processing and selling of
metallurgical 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.:
President and Chief Executive Officer