CANONSBURG, PA, Dec. 7, 2016 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") today announced that the Company has given effect to the previously announced consolidation of the issued and outstanding common shares in the capital of the Company (the "Shares") on the basis of one (1) post-consolidation Share for each 20 pre-consolidation Shares (the "Consolidation") and an amendment to the Company's articles authorizing the issuance of an unlimited number of preferred shares (the "Preferred Shares"), issuable in series, with such rights, privileges, restrictions and conditions as the board of directors of the Company may determine from time to time (the "Preferred Share Authorization"). The Shares will begin trading on a post-Consolidation basis on the TSX Venture Exchange at the opening of markets today.
A letter of transmittal (the "Letter of Transmittal") has been mailed to the registered shareholders of the Company providing instructions to surrender the certificates evidencing their Shares for replacement certificates representing the number of Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing pre-consolidation Shares prior to the Consolidation will be deemed for all purposes to represent the number of Shares to which the holder of that certificate is entitled as a result of the Consolidation.
A copy of the certificate of amendment effecting completion of the Consolidation and the Preferred Share Authorization and the Letter of Transmittal will be available on the Company's SEDAR profile at www.sedar.com.
Information about Corsa
Corsa is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. Our core business is producing and selling metallurgical coal to domestic and international steel producers 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.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, "forward looking statements") and which are based on the expectations, estimates and projections of management of Corsa as of the date of this press release unless otherwise stated. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "plans", "projections", "outlook", "intends", "may", "could", "would", "might", "will" and similar expressions. By their very nature, forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward looking statements will not prove to be accurate. Do not unduly rely on forward looking statements, as a number of important factors, many of which are beyond Corsa's control, could cause actual results to differ materially from the estimates and intentions expressed in such forward looking statements.
Forward looking statements speak only as of the date those statements are made. Except as required by applicable law, Corsa does not assume any obligation to update, or to publicly announce the results of any change to, any forward looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward looking statements.
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, [email protected], www.corsacoal.com