TORONTO, Feb. 13, 2015 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") is pleased to announce the appointment of Peter Merritts as President of the Company's Northern Appalachia ("NAPP") Division, effective February 16, 2015. Mr. Merritts' will be responsible for Corsa's metallurgical coal operations in Pennsylvania and Maryland, including its recently acquired PBS Coals properties.
Mr. Merritts has over 40 years of experience in the coal industry, including most recently as the President of the Pennsylvania-based AMFIRE Mining Company, a former subsidiary of Alpha Natural Resources, since 2003. He has also occupied leadership positions at Mapco Coal, Inc. (now Alliance Resource Partners, LP) and Bethlehem Steel Corporation.
George Dethlefsen, Corsa's Chief Executive Officer commented, "Pete has a proven track record of excellence in both coal operations and safety. He brings with him tremendous experience in the NAPP region where he has been a low cost operator, achieved outstanding productivity rates, and driven growth of both surface and underground coal operations. We are excited to have him join our team at Corsa as we continue to grow and build a premium-quality metallurgical coal producer."
In connection with Mr. Merritts' appointment, the Company's Board of Directors has authorized a grant of stock options to Mr. Merritts to purchase a total of 2,400,000 common shares of the Company. The options are to be (i) granted as of February 16, 2014, (ii) exercisable for five years at a price equal to the closing price of Corsa's common shares on the TSX Venture Exchange ("TSXV") on Friday, February 13, 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.
Keith Dyke, Corsa's current President and Chief Operating Officer, will continue as President of its Central Appalachia Division, focused on thermal and industrial coal production and sales with operations in Tennessee and Kentucky.
"Keith has been an integral part of Corsa's growth, leading the acquisition and integration of two transformative transactions in the past two years", said Mr. Dethlefsen. "With the integration of PBS Coals almost finished, Keith's mandate is successfully completed and he will return to the business that he has successfully led since 2007. This is consistent with his personal plans. He remains an integral part of Corsa's senior management team through his leadership of Corsa's Central Appalachia Division."
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: Paul D. Caldwell, Chief Financial Officer and Corporate Secretary, Corsa Coal Corp., 416-214-9800, [email protected], www.corsacoal.com