Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF), 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.
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.