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Sherritt Signs Preliminary Deal to Sell Majority Stake to Gillon Capital
Sherritt International Corp. signed a non-binding agreement with Gillon Capital LLC that would give the buyer a 55 percent stake. The Toronto-based mining company faces U.S. sanctions on its Cuba operations.
May 20, 2:55 PM·1m read1 source
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Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC that would allow the buyer to acquire a majority stake in the company. The preliminary private placement deal includes a warrant that would let Gillon Capital buy enough shares to reach a 55 percent ownership position.
Sherritt stated that the price paid by Gillon would be at a discount to the company's closing share price on May 15.
U.S. imposed sanctions on the venture. A. On Tuesday, Sherritt reversed that dissolution decision. U.S. departments of State and Treasury do not object to Gillon's talks with Sherritt, though any final deal would require their approval. Gillon Capital is the family office for the Washburne family.
U.S. development bank from 2017 to 2019 and later as a member of the president's intelligence advisory board.
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