Corsa Coal Announces Private Placement Upsized to $20 Million

Corsa Coal (TSXV:CSO) has announced that it has increased the size of the previously announced brokered private placement to $20 million.
As quoted in the press release:

Pursuant to an amended engagement, the syndicate of agents lead by Paradigm Capital Inc. (the “Lead Agent“), and including GMP Securities Inc. and Pareto Securities Limited (collectively with the Lead Agent, the “Agents“), will sell, by way of a private placement on a best efforts basis, common shares (the “Common Shares“) of the Company at a price of $0.10 (the “Issue Price“) per Common Share for gross proceeds of up to $20,000,000 (the “Offering“). The Agents have been granted the option (the “Agents’ Option“) to sell up to an additional 15% of the number of Common Shares issuable in the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering. All references herein to “$” are to Canadian dollars.
Current insiders of the Company are expected to subscribe for up to 92,000,000 Common Shares at the Issue Price for gross proceeds of up to $9,200,000.
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.

Click here to read the full press release.