FRIEDENS, Pa., Dec. 15, 2021 /CNW/ - Corsa Coal Corp. (TSXV:
CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality
metallurgical coal producer, today commented on the announcement
that funds controlled by Quintana Capital Group L.P. ("Quintana")
have completed an in-kind distribution of common shares of the
Company representing approximately 45% of the outstanding common
shares of the Company to the limited partners of such funds
effective as of December 15,
2021.
"Quintana has been Corsa's largest shareholder since 2013,
including through multiple commodity cycles and the ongoing
COVID-19 pandemic. The Company appreciates the support provided by
Quintana during this period. In addition, we are pleased that the
limited partners of the Quintana-controlled funds will have the
opportunity to continue as shareholders of Corsa, as well as the
possibility that the in-kind distribution will provide increased
liquidity and trading volumes for the Company's common shares and
additional opportunities for Corsa as a more widely held public
company without a controlling shareholder", said Bob Schneid, President and Chief Executive
Officer of Corsa.
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 and coke
producers in the Atlantic and Pacific basin markets.
Forward-Looking Statements
Certain information set
forth in this press release contains "forward-looking statements"
and "forward-looking information" (collectively, "forward-looking
statements") under applicable securities laws. Except for
statements of historical fact, certain information contained herein
including, but not limited to, statements relating to liquidity and
trading volumes for the Company's common shares and additional
opportunities for Corsa constitute forward-looking statements which
include management's assessment of future plans and operations and
are based on current internal expectations, assumptions and
beliefs, which may prove to be incorrect. Some of the
forward-looking statements may be identified by words such as
"will", "estimates", "expects" "anticipates", "believes",
"projects", "plans", "capacity", "hope", "forecast", "anticipate",
"could" and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be
placed on them. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties. These risks and
uncertainties include, but are not limited to: changes in market
conditions, governmental or regulatory developments as a result of
the COVID-19 pandemic or otherwise, the operating status and
capabilities of our customers and competitors; various events which
could disrupt operations and/or the transportation of coal
products, including labor stoppages, the outbreak of disease and
severe weather conditions; and management's ability to anticipate
and manage the foregoing factors and risks. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The reader is
cautioned not to place undue reliance on forward-looking
statements. Corsa does not undertake to update any of the
forward-looking statements contained in this press release unless
required by law. The statements as to Corsa's capacity to produce
coal are no assurance that it will achieve these levels of
production or that it will be able to achieve these sales
levels.
The TSX Venture Exchange has in no way passed on the
merits of this news release. 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 Corsa Coal Corp.
