TORONTO,
May 14, 2012 /PRNewswire/ - Corsa
Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") announces that
the maturity date of the second loan for U.S. $19.5 million under the Company's Senior Credit
Facility has been extended from May 18,
2012 to June 18, 2012.
The Senior Credit Facility
On May 18, 2011, Corsa completed
the U.S. $25 million senior credit
facility (the "Facility"). The Facility consists of two
separate loans, of which both have been fully drawn. The
first loan is for U.S. $5.5 million
with a term of 13 months. The second loan is for U.S.
$19.5 million with an initial term of
6 months, subject to an extension option for a further 6 month term
which has been exercised. The loans are evidenced by two separate
debentures secured by a pledge by Corsa of the shares of its
principal subsidiary Wilson Creek Holdings, Inc.
The lenders (each as to 50% of the aggregate principal amount of
the Facility) are Zebra Holdings and Investments S.a.r.l. and
Lorito Holdings S.a.r.l. Zebra Holdings and Investments
S.a.r.l. and Lorito Holdings S.a.r.l. are two companies wholly
owned by a Lundin family trust. They each currently hold
25,389,000 common shares of Corsa, for an aggregate of 50,778,000
common shares (representing 17.9 % of the issued and outstanding
shares of the Corsa).
Information about Corsa
Corsa's primary business is the mining,
processing and selling of metallurgical coal, as well as actively
exploring, acquiring and developing resource properties consistent
with its coal business in Northern Appalachia.
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Corsa Coal Corp.
