TORONTO, March 23, 2016 /CNW/ - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, announced today that Lorito and Zebra have entered into subscription agreements effective March 22, 2016 pursuant to which each will acquire by way of private placement directly from Corsa Coal Corp. (TSXV: CSO) ("Corsa") 25,968,000 common shares of Corsa for a consideration of CDN$0.05 per common share. Upon completion of these acquisitions, Lorito and Zebra will hold 127,802,667 and 120,908,666 common shares respectively of Corsa representing approximately 8.0% and 7.6% respectively of the issued capital of Corsa following completion of the proposed private placement announced by Corsa on March 22, 2016.
Lorito and Zebra are joint actors with respect to their holdings in Corsa and have acquired the shares for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in Corsa depending upon the business and prospects of Corsa and depending upon future market conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE Lorito Holdings S.A.R.L.
For further information: John H. Craig, Telephone: 416 869-5756, Fax: 416 350-6951