Correction of Exercise Price of Stock Options Granted
TORONTO, Aug. 29, 2014 /CNW/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") wishes to announce a correction to the exercise price of the stock options granted to certain employees of PBS and the Company that was announced on August 20, 2014 ("August 20 Press Release").
Under the Company's amended and restated stock option plan, in the event that stock options are granted by the Company on a date during a self-imposed insider-trading black-out period ("Black-Out Period"), the exercise price of such stock options shall not be less than the closing price of the Company's common shares on the TSX Venture Exchange on the day following the expiry of such black-out period. In connection with the announcement of its financial results for the three and six months ended June 30, 2014 which occurred on August 27, 2014 ("Announcement Date"), Corsa implemented a Black-Out Period which began twenty (20) business days prior to the Announcement Date and expires two business days following the Announcement Date, being August 29, 2014.
Accordingly, the exercise price of the stock options granted on August 19, 2014 shall be the closing price of the Company's common shares on the TSX Venture Exchange on September 2, 2014 (the day following the expiry of the Blackout Period), rather than C$0.29 per common share announced in the August 20 Press Release.
All other information contained in the August 20 Press Release remains unchanged.
The TSX Venture Exchange has in no way passed on the merits of this news 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.