TORONTO, May 7, 2012 /CNW/ - Corsa Coal Corp. (TSXV: CSO) announces that the Board of Directors on May 4, 2012 granted stock options to purchase a total of 1,000,000 common shares to two Directors and one employee. Charles Pitcher, Director, received a grant of 500,000 options and Michael Harrison, Director, received a grant of 300,000 options.
The options granted are exercisable for five years at a price of $0.50 and subject to the terms and conditions of Corsa's Stock Option Plan and TSX Venture Exchange approval. The options will vest one-third at one year from the date of grant, one-third at two years from the date of grant and one-third at three years from the date of grant. This exercise price, which is above current market price, represents the issue price of shares on the private placement completed in December 2011.
Information about Corsa
Corsa's 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 in Northern Appalachia.
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.
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