Corsa Coal Completes Acquisition of PBS Coals

Corsa Coal Corp. (TSXV:CSO) has completed its previously announced transaction for the acquisition of PBS Coals Ltd.. Corsa purchased PBS for an all-cash transaction for consideration of US$60 million.

As quoted in the press release:

As part of its acquisition financing, Corsa completed its previously announced non-brokered private placement of 463,821,966 common shares (“Common Shares”) for gross proceeds of approximately US$65 million at C$0.15 per Common Share (“Private Placement”) and entered into a US$25 million non-revolving term credit facility (“Credit Facility”) with a syndicate of lenders that includes Sprott Resource Lending Partnership (“SRL”). The proceeds of the Private Placement and from the Credit Facility were used to satisfy the consideration payable in connection with the Transaction, with additional proceeds being used for purposes related to the Transaction and growth capital.

Click here to read the Corsa Coal Corp. (TSXV:CSO) press release