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Sherritt enters term sheet with Gillon Capital amid Cuba sanctions pressure
The non-binding deal would let Gillon buy enough shares for a 55% stake as Sherritt seeks a path through U.S. sanctions pressure.
- On Wednesday, Sherritt International Corp. signed a non-binding agreement with Gillon Capital LLC, a family office linked to former Overseas Private Investment Corporation head Ray Washburne, allowing Gillon to acquire a 55% majority stake.
- Sherritt, which has a 32-year presence in Cuba, reversed its decision to dissolve the Moa joint venture while navigating expanded U.S. sanctions on the Caribbean country.
- The United States Department and Treasury Departments confirmed they do not object to Gillon negotiations, though officials stated that any final deal would require formal approval from both departments.
- Under the preliminary private placement, Gillon would hold a warrant exercisable within nine months to purchase shares for a 55% stake, with Sherritt expecting the price at a discount to its May 15 closing share price.
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Associated Press News+8 Reposted by 8 other sources
Sherritt agrees to sell stake in Cuba mining business to company linked to former Trump adviser
Canadian miner Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC. Gillon is a family office linked to a former adviser of U.S.
·United States
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Sherritt International Corp. signs preliminary deal to sell majority stake in company
Sherritt International has signed a non-binding agreement with Gillon Capital LLC, a family office of a former Trump administration adviser, that would allow Gillon to buy a majority stake in the company.
·Toronto, Canada
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Total News Sources18
Leaning Left5Leaning Right3Center10Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 28%
C 55%
R 17%
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