TORONTO, May 12 /PRNewswire-FirstCall/ -- 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 today its financial and operating results for the three-month period ended March 31, 2008. The text of the quarterly unaudited financial statements and management's discussion and analysis can be viewed or printed from the Company's SEDAR reference page at www.sedar.com. All dollar amounts are in U.S. dollars.First Quarter 2008 Financial Highlights(1) -- From January 1, 2008 through March 31, 2008, the Company contributed capital to the Project joint venture totalling $14 million to fund its one-third share of construction and development costs. -- As at March 31, 2008 and May 12, 2008 respectively, the Company had unrestricted cash of $22.1 million and $21.2 million, restricted cash totalling $72.8 million and $73.0 million in its escrow account to fund future Project capital calls and a $108.9 million subscription payments receivable. -- For the quarter the Company recorded a net loss of $1.5 million ($0.01 per share) compared with a net loss of $5.9 million ($0.03 per share) for the same quarter in 2007. -- Interest income for the quarter was $963,904. -- During the quarter 2,685,750 warrants were each exercised for one share of the Company at an exercise price of $1 for total cash proceeds of $2,685,750.
The Company expects that funds on hand as of May 12, 2008 will be sufficient to enable it to meet its corporate operating expense requirements through 2012 and to fund its one-third share of Project development cash calls at least through to finalization of debt financing for the Project.
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