August 17, 2019 - Corsa Coal Corp. (TSXV: CSO; OTCQX: CRSXF) has announced that certain wholly-owned subsidiaries of the Company, as borrowers, have entered into a senior secured revolving credit facility with KeyBank National Association ("KeyBank") for up to US$25 million (the "KeyBank Facility"). Additionally, Wilson Creek Holdings, Inc. ("WCH"), as lessee, and the Company along with all of the subsidiaries of WCH, as guarantors, have entered into a lease financing agreement with Key Equipment Finance, as lessor and assignor, and 36th Street Capital Partners, LLC, as assignee ("36th Street"), for the sale and leaseback of various coal mining equipment (the "Leased Property") for a funding amount of US$12 million (the "36th Street Facility" and together with KeyBank Facility, the "New Credit Facilities"). The New Credit Facilities replace the US$25 million senior secured term credit facility with Sprott Resource Lending Corp. entered into on August 19, 2014 (the "Sprott Facility"), which was repaid using a portion of the proceeds from the New Credit Facilities.

"We are pleased to have completed this refinancing. The New Credit Facilities will provide additional flexibility as we continue to focus on increasing shareholder value through improved operational, financial and other strategic opportunities and also extends the maturity of our obligations.  The Company is focused on deleveraging our balance sheet and these new credit facilities advance that goal significantly" said Peter Merritts , Chief Executive Officer of Corsa.

Additional Details Regarding the New Credit Facilities

The KeyBank Facility bears interest at London Inter-Bank Offered Rate ("LIBOR") plus 350 basis points or Base Rate1 plus 150 basis points and matures on August 16, 2022 . The 36th Street Facility has an effective interest rate of 9.50% and a lease term of 48 months. The agreements contain customary financial covenants. In addition to the repayment of the Sprott Facility, the proceeds of the New Credit Facilities are expected to be used to, among other things, finance the ongoing working capital requirements of the borrowers, general corporate purposes of the borrowers and pay fees and expenses associated with the transaction. In connection with the arrangement of the KeyBank Facility, the Company paid a commitment fee, upfront fee and administration fee, all of which are customary to these arrangements. In connection with the arrangement of the 36th Street Facility, the Company paid certain fees, all of which are customary to these arrangements. The KeyBank Facility will be secured against all now owned and after acquired tangible and intangible assets of the borrowers and the guarantor, while the 36th Street Facility will be secured against the Leased Property.

Copies of the credit agreements governing the New Credit Facilities will be filed under the Company's profile on SEDAR at www.sedar.com

The TSX Venture Exchange has granted conditional approval of the New Credit Facilities.

Information about Corsa

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.