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.
nbcnews.comSherritt 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. 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. S.
development bank from 2017 to 2019 and later as a member of the president's intelligence advisory board.
Key Facts
Story Timeline
3 events- Earlier this month
Sherritt suspended direct participation in its Cuba joint venture after U.S. sanctions.
1 sourceCbc - May 15
Sherritt closed at a share price used as reference for the Gillon deal discount.
1 sourceCbc - Tuesday
Sherritt reversed its earlier plan to dissolve Cuban interests.
1 sourceCbc
Potential Impact
- 01
U.S. regulatory approval remains necessary before any transaction can close.
- 02
Sherritt ownership structure may change if the deal receives required approvals.
Transparency Panel
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