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Corsa extends loan maturity date

CORSA Coal has extended the maturity date of a $US19.5 million loan under its senior credit facil...

Lou Caruana

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On May 18, 2011, Corsa completed a $25 million senior credit facility, which consists of two separate loans, of which both have been fully drawn.

The first loan is for $5.5 million with a term of 13 months. The second loan is for $19.5 million with an initial term of six months, subject to an extension option for a further six-month term which has been exercised.

Corsa’s primary business is the mining, processing and selling of metallurgical coal, as well as exploring, acquiring and developing resource properties consistent with its coal business in Northern Appalachia.

The loans are evidenced by two separate debentures secured by a pledge by Corsa of the shares of its principal subsidiary Wilson Creek Holdings.

The lenders (each as to 50% of the aggregate principal amount of the facility) are Zebra Holdings and Investments and Lorito Holdings, 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 Corsa).

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