TORONTO, July 9, 2013 /CNW/ - Global Alumina Corporation (TSX: GLA.U) (the
"Company" or Global Alumina") is pleased to announce that it has completed the
sale by the Company of all of its interest in Guinea Alumina Corporation, Ltd.
to DM GAV Limited (the "Sale Transaction"), pursuant to the terms of the
previously announced share purchase agreement entered into by the Company and
DM GAV Limited.
The board of directors of the Company (the "Board") has determined to
distribute the cash assets of the Company, including the proceeds of the Sale
Transaction, remaining after settlement of the Company's obligations and
liabilities (the "Distribution") as soon as practicable. The record date in
connection with the Distribution to determine the shareholders entitled to
participate therein will be July 12, 2013. The Company expects that the
Distribution will occur on or prior to July 31, 2013.
The Board has determined to liquidate and dissolve the Company (the
"Dissolution") as expeditiously as possible following the Distribution.
Pursuant to the authority granted to the Board by shareholders in connection
with the proposed Dissolution, the Board has elected to complete the
Dissolution pursuant to subsection 137(3) of the Business Corporations Act
(New Brunswick). The Dissolution is expected to occur on or prior to July 31,
Additional information regarding the above matters are set forth in the
management information circular dated May 31, 2013 of the Company, which is
accessible on the Company's SEDAR reference page at www.sedar.com.
About Global Alumina
Global Alumina is in a joint venture through its wholly-owned subsidiary,
Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium and MDC
Industry Holding Company LLC (as successor to Mubadala Development Company
PJSC), to develop an alumina refinery in the bauxite rich region of the
Republic of Guinea. Global Alumina is headquartered in Saint John, New
Brunswick and has administrative offices in New York, London and Montreal. For
further information visit the Company's website at www.globalalumina.com.
Forward Looking Information
Certain information in this press release is "forward looking information",
which reflects management's expectations regarding the Company's future
objectives, plans, goals, strategies and business prospects and opportunities.
In this release, the words "may", "would", "could", "should", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose", "estimate" and
"expect" and similar expressions, as they relate to the Company and its assets
and interests, are often, but not always, used to identify forward looking
information. Such forward looking information reflects management's current
beliefs and is based on information currently available to management. Forward
looking information involves significant risks and uncertainties, should not
be read as a guarantee of future performance or results, and will not
necessarily be accurate indications of whether or not or the times at, or by
which, such performance or results will be achieved. In particular, this
release contains forward looking information pertaining to the Distribution of
the cash assets of the Company to shareholders and the expected liquidation
and Dissolution of the Company. A number of factors could cause actual results
to differ materially from the results discussed in the forward looking
information, including, but not limited to: unanticipated liabilities of
Global Alumina at the corporate level and the inability of the Company to
obtain additional financing to fund such obligations; the possibility that the
value of the Company's assets could deteriorate; potential legal and
regulatory proceedings and certain other factors related to the business of
the Company discussed under the heading "Risk Factors" in the Company's Annual
The forward looking information contained in this release is based on various
assumptions, including among other assumptions that the Company will be able
to continue as a going concern until completion of the Dissolution. Although
the forward looking information contained in this release is based upon what
management of the Company believes are reasonable assumptions, Global Alumina
cannot assure investors that actual results will be consistent with this
forward looking information. If the assumptions underlying forward looking
information prove incorrect or if other risks or uncertainties materialize,
actual results may vary materially from those anticipated in this release.
This forward looking information is made as of the date of this release, and
Global Alumina assumes no obligation to update or revise it to reflect new
events or circumstances, except as required by applicable law.
For further information, please contact:
Michael Cella Global Alumina 212 351 0010 email@example.com
SOURCE: Global Alumina Corporation
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