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TORONTO, Dec. 3, 2014 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa") announces that the Board of Directors of Corsa granted stock options to purchase a total of 23,445,000 common shares of Corsa to certain directors, officers and employees. The grant represents approximately 2.0% of total common shares outstanding.
Six of Corsa's nine Directors (John H. Craig, Alan M. De'Ath, Michael Harrison, Robert Scott, Daniel D. Smith and Ronald G. Stovash) each received 900,000 options. Arthur Einav received 1,150,000 options as an initial grant related to his appointment as a Director of Corsa on August 20, 2014. Corbin J. Robertson III, a representative of Corsa's significant shareholder Quintana Energy Partners L.P. and its affiliated investment funds ("Quintana"), elected not to receive any options. George G. Dethlefsen, Director and Chief Executive Officer of Corsa, received 2,400,000 options, Keith D. Dyke, Chief Operating Officer and President of Corsa, received 1,800,000 options, Joseph A. Gallo, Senior Vice President of Mincorp Acquisition Corp., a wholly owned subsidiary of Corsa, received 1,375,000 options, Paul D. Caldwell, Chief Financial Officer and Corporate Secretary of Corsa received 900,000 options and Johnny L. Gaertner, Chief Financial Officer of Kopper Glo Mining, LLC, an 81% owned subsidiary of Corsa, received 900,000 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 $0.19 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.
Information about Corsa
Corsa's primary business is the mining, processing and selling of thermal and metallurgical coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.
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