TORONTO, April 2 /CNW/ - As announced on March 28, 2007, Great Lakes
Carbon Income Fund (the "Fund") (TSX: GLC.UN) and Oxbow Carbon & Minerals
Holdings, Inc. have entered into a definitive agreement to acquire all of the
assets of the Fund. The aggregate purchase price for these assets is
approximately C$527 million in cash. The proceeds of the sale are expected to
be C$14.00 per outstanding unit of the Fund, which is expected to be
distributed to Unitholders following completion of the transaction.
As previously announced, the Fund has set March 28, 2007 as the record
date and May 2, 2007 as the date for a special meeting of Unitholders to
approve the asset sale and the wind-up of the Fund. Closing is anticipated to
occur on or about May 8, 2007.
A management information circular setting out details of the proposed
transaction will be available on SEDAR at www.sedar.com and is expected to be
mailed to Unitholders on or about April 11, 2007.
About the Fund
The Fund is a trust established to hold indirectly the securities of GLC
Carbon USA Inc. ("GLC"). The Fund currently holds an indirect 73.56% interest
in GLC. GLC is the world's largest producer of both anode and industrial grade
calcined petroleum coke ("CPC"). Anode grade CPC is used in the production of
aluminum. Industrial grade CPC is used in the production of other industrial
materials including titanium dioxide. GLC produces CPC at its facilities
located in Port Arthur, Texas; Enid, Oklahoma; Baton Rouge, Louisiana; and La
Further information on the Fund can be found in its disclosure documents
filed with the securities regulatory authorities, available at www.sedar.com.
Forward Looking Information
This release includes certain forward-looking statements including,
without limitation, statements concerning the Fund's future financial
position, business strategy, proposed transactions, projected costs and plans
and objectives of management for future operations. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as
"may," "will," "expect," "intend," "estimate," "anticipate," "believe,"
"should," "plans," or "continue" or the negative thereof or variations thereon
or similar terminology. Although the Fund believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. These
forward-looking statements are subject to a number of risks and uncertainties,
and actual results could differ materially from those anticipated in these
For further information:
For further information: about the Fund please contact: Ronald J.
Statile, Senior Vice President and Chief Financial Officer, Great Lakes Carbon
LLC, at (212) 370-5770.