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Corsa Coal (TSXV:CSO) has announced that it has appointed Paradigm Capital, GMP Securities and Pareto Securities to sell through a private placement common shares of Corsa at $0.10 per share for gross proceeds of up to $16,000,000. As quoted in the press release: The Agents have been granted the option (the “Agents’ Option“) to sell …
Corsa Coal (TSXV:CSO) has announced that it has appointed Paradigm Capital, GMP Securities and Pareto Securities to sell through a private placement common shares of Corsa at $0.10 per share for gross proceeds of up to $16,000,000.
As quoted in the press release:
The Agents have been granted the option (the “Agents’ Option“) to sell up to an additional 15% of the number of Common Shares issuable in the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering. All references herein to “$” are to Canadian dollars.
Current insiders of the Company are expected to subscribe for up to 70,000,000 Common Shares at the Issue Price for gross proceeds of up to $7,000,000.
The net proceeds of the Offering will be primarily used for mine development, general corporate and working capital purposes .
The closing of the Offering is expected to occur on or about October 26, 2016, and is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange (the “TSXV“). All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.