TORONTO,
July 5, 2013 /PRNewswire/ - Corsa
Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") provides an
update on the transaction (the "Transaction") with Quintana Kopper
Glo Investment, LLC and announces the resignation of a
Director.
Quintana Kopper Glo Transaction
A summary of the Transaction and of related
documents is set out in Corsa's material change report dated
March 28, 2013, available on
sedar.com.
In accordance with the requirements of the TSX
Venture Exchange (the "Exchange"), Corsa has submitted for review
to the Exchange a Filing Statement in respect of the Transaction
together with a NI 43-101 compliant technical report on Kopper
Glo's material property.
Corsa expects to seek approval of a majority
(50%) of its shareholders (by written consent) late in July, once
the Exchange advises that the Filing Statement has been accepted
for filing. At this time, shareholders holding approximately 50.3
per cent of the currently outstanding shares of the Company have
agreed to vote in favour of the Transaction which is sufficient to
achieve the required approval. The Transaction is targeted to close
by the end of July 2013. Completion
of the Transaction is subject to a number of conditions, including
Exchange acceptance and shareholder approval. The Transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the Transaction will be completed as
proposed or at all. Investors are cautioned that, except as
disclosed in the Filing Statement to be prepared in connection with
the Transaction, any information released or received with respect
to the Transaction may not be accurate or complete and should not
be relied upon. Trading in the securities of Corsa should be
considered highly speculative.
The Exchange has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Resignation of a Director
Corsa today announced that, in connection with the Transaction,
as well as for personal reasons, Mr. Colin Benner has resigned from the Board of
Directors of Corsa. Michael Harrison
has been appointed as the new Chairman of the Board.
Don Charter, President and CEO
stated "On behalf of management and the entire Board, we thank
Colin, both professionally and as a friend, for his significant
contribution as the founding Chairman of Corsa. Colin's experience
and guidance have been invaluable to the evolution of the
Company."
Information about Corsa
Corsa's primary business is the mining,
processing and selling of low volitile metallurgical coal, as well
as actively exploring, acquiring and developing resource properties
consistent with its coal business.
Forward-Looking Statements
Certain information set forth in this press
release relating to the expected timing to seek shareholder
approval and to close the Transaction contain "forward-looking
statements" and "forward-looking information" under applicable
securities laws. Such information includes management's assessment
of expected timing and is based on current internal expectations,
assumptions and beliefs, which may prove to be incorrect. These
forward-looking statements may be identified by words such as
"expects" and "targeted". These statements are not guarantees of
actual timing to seek shareholder approval or to close the
Transaction. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties, which may cause timing
to be different, potentially materially, than expressed or implied
by such forward-looking statements. These risks and uncertainties
include, but are not limited to the time it will take for Corsa to
obtain approval of the Exchange for the Filing Statement and other
factors that could delay or prevent closing of the Transaction.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual timing could differ materially from
those anticipated in such statements. The reader is cautioned not
to place undue reliance on forward-looking statements. The Company
does not undertake to update such forward looking statements,
unless required to do so by law.
The TSX Venture Exchange has in no way
passed upon the merits of the proposed transaction and 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.