TORONTO, July 31, 2013 /PRNewswire/ -- Global Alumina Corporation (the "Company" or "Global Alumina"), announced today that it has settled all of its debts and provided for all of its obligations and has forwarded US$31,021,884.60 of the remaining proceeds (the "Proceeds") relating to the sale of the Guinean refinery project to Computershare Trust Company of Canada ("Computershare"), its transfer agent, for distribution to shareholders. The Proceeds represent approximately US$0.169 per share, based upon 183,331,495 shares issued and outstanding, and is at the upper end of the range discussed in the management information circular of the Company dated May 31, 2013 (the "Circular").
The Proceeds will be distributed by Computershare as a return of capital to registered shareholders of record as of July 12, 2013. Non-registered shareholders holding shares beneficially through a broker or dealer should contact their broker or dealer regarding receipt of funds.
Global Alumina is proceeding to dissolve as expeditiously as possible. Additional information is contained in the Circular, a copy of which is available on Global Alumina's reference page on SEDAR, www.sedar.com.
About Global Alumina
Global Alumina recently sold all of its interests in a joint venture held through its wholly owned subsidiary, Global Alumina International, Ltd., to DM GAV Limited which is developing an alumina refinery in the bauxite-rich region of the Republic of Guinea. Global Alumina is headquartered in Saint John, New Brunswick.
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