FRIEDENS, Pa., March 9,
2023 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX:
CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical
coal producer, today announced that in connection with the
previously announced United States Department of Justice
investigation regarding the sale of coal from operations of U.S.
subsidiaries of the Company and certain related benefits given to a
representative of an overseas customer, the Department of Justice
has declined to prosecute the Company and the Company has agreed to
pay a US$1.2 million disgorgement
amount.
The decision by the Department of Justice to decline prosecution
was based on a number of factors, including, but not limited to,
Corsa's timely and voluntary self-disclosure, full and proactive
cooperation, and timely and appropriate remediation, as well as
Corsa's agreement to pay the disgorgement amount. The disgorgement
amount was established based on the Department of Justice's
"inability to pay" guidance and is payable in two equal
installments, one immediately and one in three months.
The Royal Canadian Mounted Police has concluded its
investigation regarding these matters without recommending that any
charges be laid.
Corsa does not intend to make any further public comments
regarding these matters, unless required by law or stock exchange
rules.
Information about Corsa
Corsa is a coal mining company focused on the production and
sales of metallurgical coal, an essential ingredient in the
production of steel. Our core business is producing and selling
metallurgical coal to domestic and international steel and coke
producers in the Atlantic and Pacific basin markets.
Forward-Looking
Statements
Certain information set forth in this press release contains
"forward-looking statements" and "forward-looking information"
(collectively, "forward-looking statements") under applicable
securities laws. Except for statements of historical fact, certain
information contained herein including, but not limited to, the
expectation that no further investigations will be undertaken
constitute forward-looking statements which include management's
assessment of future plans and operations and are based on current
internal expectations, assumptions and beliefs, which may prove to
be incorrect. Some of the forward-looking statements may be
identified by words such as "will", "estimates", "expects"
"anticipates", "believes", "projects", "plans", "capacity", "hope",
"forecast", "anticipate", "could" and similar expressions. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties. These risks and uncertainties include, but are not
limited to: the Company's ability to continue to cooperate with the
Department of Justice; and management's ability to anticipate and
manage the foregoing factors and risks. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to
place undue reliance on forward-looking statements. Corsa does not
undertake to update any of the forward-looking statements contained
in this press release unless required by law.
The TSX Venture Exchange has in no way passed on the
merits of this news release. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Corsa Coal Corp.