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Corsa Coal to raise C$16M via private placement

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Corsa Coal to raise C$16M via private placement

Corsa Coal Corp. is looking to raise gross proceeds of up to C$16.0 million via a private placement of common shares priced at 10 cents apiece, to be used for mine development, general corporate and working capital purposes.

The company granted the agents, Paradigm Capital Inc., GMP Securities Inc. and Pareto Securities AS, a 15% overallotment option.

Corsa Coal noted that company insiders are expected to subscribe for up to C$7.0 million of the offering, which is slated to close Oct. 26, subject to regulatory approvals.

The company agreed to pay US$6.5 million in early September to settle a pollution lawsuit with state and federal environmental regulators.