Corsa announced Friday that Colin Benner had resigned from the board of directors “in connection with the transaction, as well as for personal reasons”
"On behalf of management and the entire board, we thank Colin, both professionally and as a friend, for his significant contribution as the founding chairman of Corsa. Colin’s experience and guidance have been invaluable to the evolution of the company,” president and chief executive officer Don Charter said.
Director Michael Harrison has been appointed as chairman following Benner’s resignation.
Harrison is also the vice president of business development at Coeur d'Alene Mines Corporation.
Prior to joining Coeur, Harrison was a director of investment banking at a Canadian investment dealer and also worked internationally for BHP Billiton in its exploration division.
Along with the announcement of Benner’s resignation, Corsa provided an update on the Quintana Kopper Glo transaction.
Corsa signed a financing and acquisition agreement with Quintana Kopper Glo Investment in March whereby Corsa would raise $US40 million in funding as well as acquiring Quintana subsidiary Kopper Glo, a Tennessee-based coal producer.
Quintana gained a controlling stake of 56% in Corsa and a redeemable 25% interest in Corsa subsidiary Wilson Creek.
In a statement at the time the company said the proceeds from the first tranche would be used for working capital, with the second to repay the $25 million debt owed to Sprott Lending.
In accordance with the requirements of the TSX Venture Exchange, Corsa said Friday that it had submitted a filing concerning the transaction for review together with a technical report on Kopper Glo's material property.
Once the filing has been accepted by the exchange, Corsa said it would hold a shareholders’ meeting to receive final approval for the transaction.
“At this time, shareholders holding approximately 50.3% of the currently outstanding shares of the company have agreed to vote in favor of the transaction which is sufficient to achieve the required approval,” Corsa said.
The transaction is targeted to close by the end of July 2013.
Corsa owns three surface mines and an underground operation.