Global Alumina Announces Receipt of Second Deferred Subscription Payment
January 13 2009 - 11:12AM
PR Newswire (US)
TORONTO, Jan. 13 /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 its joint
venture partners have paid Global Alumina the Second Deferred
Subscription Price of approximately $33.3 million. The payment was
made into Global Alumina's escrow account used to fund its share of
Project expenditures and any obligations under warranty claims.
Global Alumina has approximately $103.0 million in cash, $89.9
million of which is in escrow available for Project development and
$13.1 million of which is unrestricted and available for general
corporate purposes. A final Third Deferred Subscription Payment of
$33.3 million remains due to the Company on the completion of the
Project debt financing. The Company also announced that the joint
venture board approved continued Project funding of $15.6 million
for the month of January 2009, of which Global Alumina will be
responsible for its one-third share. Global Alumina also announced
the completion of its Normal Course Issuer Bid, having repurchased
for cancellation 10.9 million shares for an aggregate cost of $5.2
million. The Company now has 195,639,187 shares outstanding. 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 Maura Gedid of Breakstone Group,
+1-646-452-2335, , for Global Alumina Web Site:
http://www.globalalumina.com/
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