Corsa Coal Private Placementlooks like SCP will invest $1.4m of it's cash into CSO private placement on a best efforts basis, common shares (the "Common Shares") of the Company at a price of $0.10 (the "Issue Price") per Common Share for gross proceeds of up to $16,000,000 (the "Offering"). The Agents have been granted the option (the "Agents' Option") to sell up to an additional 15% of the number of Common Shares issuable in the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering. All references herein to "$" are to Canadian dollars.
Current insiders of the Company are expected to subscribe for up to 70,000,000 Common Shares at the Issue Price for gross proceeds of up to $7,000,000 .
The net proceeds of the Offering will be primarily used for mine development, general corporate and working capital purposes .
https://finance.yahoo.com/news/corsa-coal-announces-brokered-private-203000001.html