Sprott Resource to invest $33.4 mln in Corsa Coal's buy of PBS Coals
Canadian resource-focused private equity firm Sprott Resource Corp has agreed to invest US$33.4 million in Corsa Coal Corp (TSX-V: CSO), acquiring 19.9 percent of the company's outstanding shares. The investment is intended to fund Corsa's strategic acquisition of metallurgical coal producer PBS Coals Ltd, a former Sprott Resource portfolio company, for US$60 million. Other investors in the Toronto-based Corsa include U.S. private equity firm Quintana Capital Group and Vancouver's The Lundin Group. Following the PBS acquisition, the company will become primarily a metallurgical coal producer with principal operating assets in Pennsylvania and Tennessee.
15 July 2014•6 mins read
