Sherritt signs share placement deal with Gillon Capital
Sherritt signs a term sheet with Gillon Capital for an up to 55 percent stake. The move follows U.S. sanctions pressure on the miner's operations in Cuba.
Sherritt International has entered a non-binding term sheet with Gillon Capital for a private placement of up to 55% of its common shares. The Canada-based miner is seeking capital as U.S. sanctions on its operations in Cuba intensify. The deal provides a potential liquidity lifeline for a company currently trading at a deep discount.
### Financing Terms and Regulatory Hurdles The agreement includes a common share purchase warrant exercisable within nine months. Sherritt stated the exercise price will likely be a discount to the C$0.11 closing price recorded on May 15. Gillon Capital would become a majority stakeholder if the full placement is realized.
