FRIEDENS, Pa., Aug. 11, 2023 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical coal producer, today announced that its wholly-owned subsidiary, PBS Coals, Inc. ("PBS"), has entered into a binding memorandum of understanding dated August 11, 2023 with the Pennsylvania Department of Transportation ("PennDOT") in respect of a settlement of all claims by PBS for damages resulting from certain historical takings of leased land by PennDOT in 2010 and 2011. The binding memorandum of understanding agreement provides for a US$35.0 million cash damages payment to PBS and PBS expects to receive net proceeds of US$23.3 million after the payment of contingent legal fees. Payment is expected to be received during the fourth quarter of 2023 and the net proceeds are intended to be used for general corporate purposes and the partial repayment of outstanding long-term debt.
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