Global Alumina Announces Agreement to Sell Interests In Guinea Alumina Corp

Global Alumina Corporation (GLA-U.TO) announced that it has signed a share purchase agreement with DM GAV Limited, a company established and owned equally by Mubadala Development Company PJSC and Dubai Aluminium, to sell all of its interests in Guinea Alumina Corporation Limited to DM GAV, which will make a US$2 million advance payment and will pay an additional US$36 million upon completion of the transactions contemplated by the SPA, scheduled to occur on or before August 31, 2013. Also, for the three months ended March 31, 2013, Global Alumina reported a net loss of $2.96 million ($0.02 per share) compared to a net loss of $1.5 million ($0.01 per share) for the same period in 2012. It had cash of $0.67 million, and a working capital deficit of $1.59 million.

Global Alumina International Limited and BHP Billiton have agreed to terminate their share purchase agreement which was announced on November 1, 2012. DM GAV signed a share purchase agreement directly with BHP to buy all of BHP Billiton's interests in Guinea Alumina.