CANONSBURG, PA, Dec. 7, 2016 /CNW/ - Corsa Coal Corp. (TSXV: CSO)
("Corsa" or the "Company") today announced that the Company has
given effect to the previously announced consolidation of the
issued and outstanding common shares in the capital of the Company
(the "Shares") on the basis of one (1) post-consolidation Share for
each 20 pre-consolidation Shares (the "Consolidation") and an
amendment to the Company's articles authorizing the issuance of an
unlimited number of preferred shares (the "Preferred Shares"),
issuable in series, with such rights, privileges, restrictions and
conditions as the board of directors of the Company may determine
from time to time (the "Preferred Share Authorization"). The Shares
will begin trading on a post-Consolidation basis on the TSX Venture
Exchange at the opening of markets today.
A letter of transmittal (the "Letter of Transmittal") has been
mailed to the registered shareholders of the Company providing
instructions to surrender the certificates evidencing their Shares
for replacement certificates representing the number of Shares to
which they are entitled as a result of the Consolidation. Until
surrendered, each certificate representing pre-consolidation Shares
prior to the Consolidation will be deemed for all purposes to
represent the number of Shares to which the holder of that
certificate is entitled as a result of the Consolidation.
A copy of the certificate of amendment effecting completion of
the Consolidation and the Preferred Share Authorization and the
Letter of Transmittal will be available on the Company's SEDAR
profile at www.sedar.com.
Information about Corsa
Corsa is a coal mining company
focused on the production and sales of metallurgical coal, an
essential ingredient in the production of steel. Our core business
is producing and selling metallurgical coal to domestic and
international steel producers in the Atlantic and Pacific basin
markets. Corsa also offers high heat content, low delivered cost
coal to major utilities and industrial users in the Southeast
region of the U.S.
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. 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.
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.
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.
