FRIEDENS, Pa., Aug. 11,
2023 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX:
CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical
coal producer, today announced that its wholly-owned subsidiary,
PBS Coals, Inc. ("PBS"), has entered into a binding memorandum of
understanding dated August 11, 2023
with the Pennsylvania Department of Transportation ("PennDOT") in
respect of a settlement of all claims by PBS for damages resulting
from certain historical takings of leased land by PennDOT in 2010
and 2011. The binding memorandum of understanding agreement
provides for a US$35.0 million
cash damages payment to PBS and PBS expects to receive net proceeds
of US$23.3 million after the payment
of contingent legal fees. Payment is expected to be received during
the fourth quarter of 2023 and the net proceeds are intended to be
used for general corporate purposes and the partial repayment of
outstanding long-term debt.
The Company does not intend to make any further public comments
regarding these matters, unless required by law or stock exchange
rules.
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 the receipt of a cash damages payment,
including the net proceeds and the timing thereof, 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 the damages payor's failure to pay on a
timely basis, or at all, or subsequent legal or regulatory
developments that could result in a lower, or no, payment or a
delay in the timing of payment. 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.
