Sherritt International Corp. has entered into a non-binding agreement with Gillon Capital LLC, the family office of a former Trump administration adviser, to potentially acquire a controlling interest in the company. The Canadian mining firm revealed that the initial private placement arrangement would grant Gillon a warrant enabling them to purchase sufficient shares to secure a 55 percent ownership stake.
Should the agreement materialize, Sherritt anticipates that Gillon’s acquisition price will be below the closing share price on May 15. Sherritt has faced increasing challenges due to U.S. sanctions affecting its Cuban operations. The company reported being subjected to a de facto fuel blockade, threats of military intervention, and expanded sanctions by the Trump administration, prompting foreign entities to exit Cuba.
In response to these developments, Sherritt announced its decision to retain its Cuban interests, including a partnership with Nickel Company S.A., a state-owned Cuban nickel enterprise. This reversal followed an earlier announcement to dissolve the joint venture following U.S. sanctions imposition.
Gillon, representing the Washburne family, has ties to Ray Washburne, who held positions under U.S. President Donald Trump’s administration. Sherritt confirmed that the U.S. Departments of State and Treasury have not raised objections to Gillon’s discussions with the company, although any final agreement would necessitate their approval.
