TORONTO, June 3, 2015 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") is pleased to announce the appointment of Kevin M. Harrigan as Chief Financial Officer and Corporate Secretary, effective June 2, 2015. Mr. Harrigan replaces Paul D. Caldwell.
Mr. Harrigan has over 15 years' experience in accounting and financial reporting, including most recently as Vice President, Chief Accounting Officer and Corporate Controller of Walter Energy, Inc. (NYSE: WLT), a producer of coal, coke and natural gas based in Birmingham, Alabama. Prior to Walter Energy, Mr. Harrigan worked for CONSOL Energy, Inc. for ten years in various accounting roles, last serving as General Manager, Accounting and Reporting where he was responsible for accounting functions and actively participated in the company's financial reporting process.
"We are thrilled to have Kevin join our team as we continue to build a premium quality metallurgical coal producer. He brings tremendous industry experience and public company accounting expertise to the team." Corsa's Chief Executive Officer, George Dethlefsen, stated. "Additionally, Corsa thanks Paul for his contributions to Corsa over the past five years and wishes him well".
In connection with Mr. Harrigan's appointment, the Company's Board of Directors has authorized a grant of stock options to Mr. Harrigan to purchase a total of 1,800,000 common shares of the Company. The options are to be (i) granted as of June 2, 2015, (ii) exercisable for five years at a price equal to the higher of (A) the closing price of Corsa's common shares on the TSX Venture Exchange ("TSXV") on Monday, June 1, 2015 and (B) the closing price of Corsa's common shares on the TSXV on Thursday, June 4, 2015, and (iii) subject to the terms and conditions of Corsa's Amended and Restated Stock Option Plan and the approval of the TSXV. Such options are to 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.
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.
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: George Dethlefsen, Chief Executive Officer, Corsa Coal Corp., 416-214-9800, [email protected], www.corsacoal.com