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, 2013.
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 Information Form.
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
cella@globalalumina.com
SOURCE: Global Alumina Corporation
