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.
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SOURCE Corsa Coal Corp.
