Secures Initial US$20 Million of Equity Investment
TORONTO, Oct. 3 /PRNewswire-FirstCall/ - Global Alumina Corporation
(Global Alumina) (TSX: GLA.U) announced today that all conditions of closing
for the initial US$20 million tranche of Dubai Aluminium Company Limited's
(Dubal) estimated US$200 million subscription agreement have been completed
and that effective September 30th it has closed Dubal's initial investment.
Details of the estimated US$200 million subscription agreement were
announced on August 11, 2005.
ABOUT GLOBAL ALUMINA
Global Alumina Corporation (Global Alumina) is a company that intends to
use the vast bauxite resources of Guinea to produce alumina for sale to the
global aluminium industry. Global Alumina is positioned to be one of the
largest companies focused solely on alumina production and sales, and offers
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 with operations in Boke, Guinea and has
administrative offices in New York, London, Montreal and Conakry, Guinea. For
further information visit our website at http://www.globalalumina.com.
ABOUT DUBAI ALUMINIUM COMPANY LIMITED
Dubal is the industrial flagship of Dubai, United Arab Emirates, and the
largest single site aluminium smelter in the western world. Dubal, which is
100% owned by the Dubai government, produces and exports high quality, value
added primary aluminium products to more than 40 countries world-wide. For
further information, visit http://www.dubal.co.ae.
This press release includes certain "forward-looking statements". All
statements, other than statements of historical fact, included herein,
including without limitation statements regarding future plans, goals and
objectives of Global Alumina, are forward-looking statements that involve a
number of risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers are cautioned to not place undue reliance upon the
forward-looking statements included herein.
SOURCE Global Alumina Corporation
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CONTACT:
Michael Cella, Global Alumina, P: (212)
223-9419, cella@globalalumina.com; Khalid Buhumaid, General
Manager, P:(04) 802-2020 buhumaid@dubal.ae; Joshua Orzech, GCI
Group, P:(416) 486-5923 jorzech@gcigroup.com
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