TORONTO, Oct. 30, 2012 /PRNewswire/ - Corsa Coal Corp. (TSXV: CSO) announces that the Board of Directors granted stock options to purchase a total of 5,950,000 common shares to employees and directors in connection with salary and cost reduction initiatives. Each director received 250,000 options, except Charles Pitcher, former President of the Company's operating subsidiary Wilson Creek Energy, LLC, who received 500,000. Paul Caldwell, Chief Financial Officer, received 500,000 options.
The options granted are exercisable for five years at a price of $0.25 and subject to the terms and conditions of Corsa's Stock Option Plan and TSX Venture Exchange approval. The options will vest one-third at one year from the date of grant, one-third at two years from the date of grant and one-third at three years from the date of grant. This exercise price represents a significant premium above current market price.
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.