Sherritt enters term sheet with U.S.-based Gillon Capital as miner contends with Cuba sanctions
Sherritt International has entered a non-binding term sheet with Gillon Capital for a potential private placement of up to 55 percent of its common shares. The agreement is subject to U.S. government approval, as Sherritt faces challenges due to sanctions affecting its operations in Cuba. The company has reversed its earlier decision to dissolve its Cuban interests amid increasing pressure from U.S. sanctions.
- ▪Sherritt International has signed a preliminary agreement with Gillon Capital for a private placement of common shares.
- ▪The placement includes a share purchase warrant with an exercise price expected to be below the current market price.
- ▪U.S. authorities do not oppose the discussions, but final approval is still required.
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Open this photo in gallery:A cargo ship, top left arrives in Havana Bay in Cuba on Monday.Ramon Espinosa/The Associated PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountCanadian miner Sherritt International S-T said on Wednesday it has entered into a non-binding term sheet, a preliminary agreement outlining deal terms, with U.S.-based Gillon Capital for a private placement of up to 55 per cent of its common shares.The placement involves a common share purchase warrant exercisable within nine months, with the exercise price expected to be at a discount to the $0.11 closing price of Sherritt’s common shares on May 15.The nickel-cobalt miner said U.S.
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