Corsa wraps up PE-backed purchase of PBS Coals for $60 mln

Corsa Coal Corp (TSX-V: CSO) has closed its previously announced buy of U.S.-based PBS Coals Ltd for US$60 million. The deal was facilitated by a US$33.4 million investment by Canadian private equity firm Sprott Resource Corp, giving it 19.9 percent of Corsa's outstanding shares. Other investors included U.S. private equity firm Quintana Capital Group, while Sprott Resource Lending Corp and other lenders assisted with the acquisition's funding. Based in Toronto, Corsa is focused on mining, processing and selling metallurgical and thermal coal. Concurrent with the transaction, the company appointed Quintana's George Dethlefsen as CEO.

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