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TORONTO, Oct. 23, 2013 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") announces that the Board of Directors of the Company granted stock options to purchase a total of 24,250,000 common shares of the Company to employees and directors. The grant represents approximately 3.6% of total shares outstanding. Each director received 1,500,000 options, except Corbin J. Robertson III, George Dethlefsen and Keith Dyke. Mr. Robertson III and Mr. Dethlefsen, representatives of the Company's significant shareholder, Quintana Energy Partners L.P. and its affiliated investment funds ("Quintana"), elected not to receive any options and Mr. Dyke, President of the Company, received 2,000,000 options. Paul Caldwell, Chief Financial Officer and Corporate Secretary of the Company, received 1,500,000 options.
The options were granted in accordance with Corsa's Amended and Restated Stock Option Plan (the "Option Plan"), are exercisable for five years at a price of C$0.17 per common share and are subject to the terms and conditions of the Option Plan and TSX Venture Exchange approval. Such options will 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. The C$0.17 exercise price represents a premium above current market price and aligns with the price per common share paid by Quintana as part of the transaction between the Company and Quintana completed on July 31, 2013.
About Corsa Coal Corp.
Corsa's primary business is the mining, processing and selling of metallurgical and thermal 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.
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