Global Alumina Increases Its Normal Course Issuer Bid
December 18 2008 - 4:05PM
PR Newswire (US)
TORONTO, Dec. 18 /PRNewswire/ -- Global Alumina Corporation (TSX:
GLA.U) (the "Company" or "Global Alumina"), a corporation
participating in a joint venture to develop an alumina refinery,
mine and associated infrastructure in the bauxite-rich region of
the Republic of Guinea (the "Project"), announced that it has
received approval from the Toronto Stock Exchange ("TSX") of an
amended notice regarding Global Alumina's normal course issuer bid
to repurchase its common shares through the facilities of the TSX.
The number of common shares that may be repurchased pursuant to the
bid has been increased by 904,207 to 10,904,207 common shares. All
other terms of the normal course issuer bid will remain the same.
The price paid for any common shares acquired will be the market
price for the shares at the time of acquisition and all shares
acquired will be cancelled. Since commencing the bid on November
25, 2008, the Company has repurchased a total of 10,000,000 common
shares at an average price of $0.48 per share. After cancellation
of the repurchased shares, Global Alumina currently has 196,543,394
common shares outstanding. Global Alumina is engaging in a normal
course issuer bid because it believes that the market price of its
common shares does not fully reflect the underlying value of its
business and its future business prospects. As a result, Global
Alumina believes that its common shares currently represent an
attractive investment. About Global Alumina Global Alumina and its
joint venture partners are developing a 3.6 million metric tons per
annum steady state capacity alumina refinery located in the
bauxite-rich region of the Republic of Guinea. The joint venture
partners in the Project are Global Alumina International, Ltd., a
wholly owned subsidiary of the Company, BHP Billiton, Dubai
Aluminium Company Limited and Mubadala Development Company PJSC.
The Project is one of the most advanced new projects in Guinea with
the refinery already in feasibility stage and critical path
infrastructure and site work already underway. The Company offers a
first mover advantage over other projects in the region and an
opportunity for socially responsible investing in a country that
holds over one-third of the world's bauxite resources. 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
http://www.globalalumina.com/. DATASOURCE: Global Alumina
Corporation CONTACT: Michael Cella of Global Alumina,
+1-212-351-0010, ; or Barbara Cano of Breakstone Group,
+1-646-452-2334, , for Global Alumina Web Site:
http://www.globalalumina.com/
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