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Corsa Coal increases placement to up to C$20M

Corsa Coal Corp. said Oct. 7 that it has increased the size of its previously announced private placement of common shares priced at 10 Canadian cents apiece, for gross proceeds of up to C$20.0 million, from C$16.0 million.

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

The proceeds will be used for mine development and general corporate and working capital purposes.

The offering is slated to close Oct. 26, subject to regulatory approvals, Corsa Coal noted.