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TORONTO, July 22, 2014 /CNW/ - Corsa Coal Corp.
(TSXV: CSO) ("Corsa" or the "Company") is pleased to announce that
it has received conditional acceptance from the TSX Venture
Exchange (the "TSXV") of Corsa's proposed acquisition of PBS Coals
Limited pursuant to its agreement with, inter alia, Lybica
Holding B.V., a wholly-owned subsidiary of OAO Severstal (the
"Transaction"), as previously announced on July 15, 2014.
In conjunction with the conditional acceptance of the
Transaction, Corsa is pleased to also announce that it has received
conditional acceptance from the TSXV of (i) its proposed
non-brokered private placement of approximately US$65 million of common shares of Corsa (the
"Private Placement") and (ii) its proposed US$25 million non-revolving term credit facility
underwritten by Sprott Resource Lending Partnership (the
"Facility"), all as previously announced on July 15, 2014. Final TSXV acceptance of the
Transaction, Private Placement and Facility will occur upon Corsa
satisfying certain ordinary conditions of the TSXV.
Conference Call
Corsa hosted a joint investor conference call with Sprott
Resources Corp. on July 15, 2014 to
discuss the Transaction. The call is available for replay by
dialing (855) 859-2056 (toll free) or (416) 849-0833 (reference
number: 74742708) until July 28,
2014.
Information about Corsa
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.
Caution
Completion of the Transaction, Private Placement and Facility
are subject to a number of conditions, including TSXV approval.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed by the
Company, 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 TSXV has in no way passed upon the merits of the
Transaction, Private Placement or Facility and has neither approved
nor disapproved the contents of this press release.
The TSXV has in no way passed on the merits of this news
release. Neither TSXV nor its Regulation
Services Provider (as that term is defined in policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively, "forward-looking statements") and
which are based on the expectations, estimates and projections of
management of Corsa as of the date of this press release unless
otherwise stated. Forward-looking statements are statements and
information regarding possible events, conditions or results of
operations that are based upon assumptions about future economic
conditions and courses of action. Some of the forward-looking
statements may be identified by words such as "expects"
"anticipates", "believes", "plans", "projections", "outlook",
"intends", "may", "could", "would", "might", "will" and similar
expressions. More particular and without limitation, this press
release contains forward-looking statements and information
concerning: the anticipated benefits of the transaction to Corsa
and its securityholders, the timing and anticipated receipt of all
necessary approvals, including TSXV approvals for the Transaction,
Private Placement and Facility; and the ability of the parties to
satisfy the conditions to, and to complete, the Transaction,
Private Placement and Facility.
By their very nature, forward‐looking statements involve
numerous assumptions, inherent risks and uncertainties, both
general and specific, and the risk that predictions and other
forward‐looking statements will not prove to be accurate. Do not
unduly rely on forward‐looking statements, as a number of important
factors, many of which are beyond Corsa's control, could cause
actual results to differ materially from the estimates and
intentions expressed in such forward‐looking statements. Risks and
uncertainties inherent in the nature of the Transaction include the
failure to obtain TSXV and other necessary approvals or to
otherwise satisfy the conditions to the completion of the
Transaction, Private Placement and Facility, in a timely manner, or
at all. Failure to obtain such approvals, or the failure of the
parties to otherwise satisfy the conditions to or complete the
Transaction, Private Placement or Facility, may result in the
Transaction not being completed on the proposed terms, or at
all.
Forward‐looking statements speak only as of the date those
statements are made. Except as required by applicable law, Corsa
does not assume any obligation to update, or to publicly announce
the results of any change to, any forward‐looking statement
contained herein to reflect actual results, future events or
developments, changes in assumptions or changes in other factors
affecting the forward‐looking statements.
SOURCE Corsa Coal Corp.