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Message: BEWARNED.........Col... BENNER
| August 11, 2009 |
| Corsa Discloses New Holdings of Individuals |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2009) - Corsa Capital Ltd. (TSX VENTURE:CSO) ("Corsa") announces that Corsa is advised that Colin K. Benner, Timothy Phillips, Ernie Thrasher, and Donald K. Charter, directors of Corsa that were appointed in May 2009 and Robert Scott, an advisor to Corsa (collectively, the "Individuals"), have each acquired beneficial ownership of common shares of Corsa that, together with securities convertible into common shares of Corsa and other common shares of Corsa already held by the Individual, would cause each such Individual's holding to constitute 10% or more of the outstanding common shares of Corsa (assuming only the exercise of the convertible securities held by the Individual), as disclosed below. Corsa has been advised that certain of the shares acquired by the Individuals were transferred to them out of the holdings of insiders of Corsa, including James R. Paterson, the President, CEO and a director of Corsa. The disposition by Mr. Paterson is described below. The dispositions by each of the insiders will be disclosed by the insiders in insider reports which will be available on SEDI at www.sedi.ca. Colin K. Benner ("Mr. Benner") of Vancouver, BC, Canada, has acquired ownership of 380,000 common shares at a price of Cdn$0.05 per share, which represent approximately 2.21% of the issued and outstanding common shares of Corsa. After giving effect to this acquisition, Mr. Benner beneficially owns 1,140,000 common shares, warrants to purchase in aggregate 760,000 common shares, and options to purchase 150,000 common shares, which, if no other outstanding convertible securities were converted, would represent approximately 11.32% of the issued and outstanding common shares of Corsa. Timothy Phillips ("Mr. Phillips") of Stoystown, PA, USA, has acquired ownership of 380,000 common shares at a price of Cdn$0.05 per share, which represent approximately 2.21% of the issued and outstanding common shares of Corsa. After giving effect to this acquisition, Mr. Phillips beneficially owns 1,140,000 common shares, warrants to purchase in aggregate 760,000 common shares, and options to purchase 150,000 common shares, which if no other outstanding convertible securities were converted, would represent approximately 11.32% of the issued and outstanding common shares of Corsa. Ernie Thrasher ("Mr. Thrasher") of Latrobe, PA, USA, has acquired ownership of 380,000 common shares at a price of Cdn$0.05 per share, which represent approximately 2.21% of the issued and outstanding common shares of Corsa. After giving effect to this acquisition, Mr. Thrasher beneficially owns 1,140,000 common shares, warrants to purchase in aggregate 760,000 common shares, and options to purchase 150,000 common shares, which if no other outstanding convertible securities were converted, would represent approximately 11.32% of the issued and outstanding common shares of Corsa. Donald K. Charter ("Mr. Charter") of Toronto, ON, Canada, has acquired ownership of 380,000 common shares at a price of Cdn$0.05 per share, which represent approximately 2.21% of the issued and outstanding common shares of Corsa. After giving effect to this acquisition, Mr. Charter beneficially owns 1,140,000 common shares, warrants to purchase in aggregate 760,000 common shares, and options to purchase 150,000 common shares, which if no other outstanding convertible securities were converted, would represent approximately 11.32% of the issued and outstanding common shares of Corsa. Robert Scott ("Mr. Scott") of Bonita Springs, FL, USA, has acquired ownership of 380,000 common shares at a price of Cdn$0.05 per share, which represent approximately 2.21% of the issued and outstanding common shares of Corsa. After giving effect to this acquisition, Mr. Scott beneficially owns 1,140,000 common shares, warrants to purchase in aggregate 760,000 common shares, and options to purchase 150,000 common shares, which if no other outstanding convertible securities were converted, would represent approximately 11.32% of the issued and outstanding common shares of Corsa. In the transactions described above, James R. Paterson ("Mr. Paterson") of Vancouver, BC, Canada, sold 760,000 common shares at a price of Cdn$0.05 per share, which represent approximately 4.42% of the issued and outstanding common shares of Corsa. After giving effect to this disposition, Mr. Paterson beneficially owns 1,255,000 common shares and no options or warrants, representing approximately 7.30% of the issued and outstanding common shares of Corsa. Mr. Paterson has agreed to purchase, subject to regulatory approval, from the other shareholders selling shares to the Individuals in the transactions described above, an aggregate of 322,500 common shares of Corsa that are subject to escrow restrictions. Assuming completion of these purchases and no other issuances of securities of Corsa, Mr. Paterson will hold a total of 1,577,500 shares representing 9.18% of the issued and outstanding common shares of Corsa. The common shares of Corsa are listed on the TSX Venture Exchange under the symbol "CSO" but the common shares acquired and disposed of as described above were acquired and disposed of through private transactions. Each of Messrs. Benner, Phillips, Charter, Thrasher, and Scott have advised Corsa that the common shares acquired as described above were acquired for investment purposes and that they may, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over common shares or other securities of Corsa through market transactions, private agreements, treasury purchases, exercise of convertible securities or otherwise. Each of Messrs. Benner, Phillips, Charter, Thrasher, and Scott will file reports describing the above transactions with applicable securities regulators, a copy of which will be available under Corsa's profile at www.SEDAR.com or by contacting Selina Collins at 604 646-4533. About Corsa Capital Corsa Capital Ltd. is a Vancouver, BC based mineral resources company. Corsa's management team, board of directors, and advisory board, have significant experience in mineral resource property acquisition, development, and operations. Corsa intends to leverage this experience to acquire additional properties and build a valuable portfolio of projects. Please visit www.corsacapital.com for more information. Certain disclosures in this release, including Corsa's intention to acquire additional properties, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Corsa's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. In making these forward-looking statements, Corsa has applied certain factors and assumptions that Corsa believes are reasonable, including that properties that are suitable for acquisition by Corsa will be identified and that Corsa will be able to acquire such properties and on terms acceptable to Corsa. Readers are cautioned not to place undue reliance on forward-looking statements. Corsa expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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