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Tuesday, July 15, 2014

Russia's Severstal sells US-based PBS Coals to Canada's Corsa Coal, (CVE: CSO.V)

Russia's Severstal has agreed to sell Pennsylvania-based coal producer PBS Coals to Canada's Corsa Coal for an enterprise value of $140 million, the Russian company said on Tuesday. The deal is expected to be completed by mid-August, it said in a statement.

Corsa Coal Corp. (Corsa) is engaged in mining, processing and selling of metallurgical and thermal coal, as well as actively exploring, acquiring and developing resource properties. Shares of CSO traded higher by 3.85% or $0.005/share to $0.14. In the past year, the shares have traded as low as $0.10 and as high as $0.20. On average, 81564 shares of CSO.V exchange hands on a given day and today's volume is recorded at 2000.