Sherritt International Corp. has entered into a non-binding agreement with Gillon Capital LLC, the family office of a former Trump administration adviser, for the potential acquisition of a controlling interest in the company. Under the preliminary private placement arrangement, Gillon would hold a warrant enabling it to purchase sufficient shares to possess a 55 percent ownership stake in Sherritt.
Should the transaction proceed, Sherritt anticipates that Gillon’s acquisition price would be below the company’s closing share value on May 15. The Canadian mining firm has faced increased challenges due to U.S. sanctions on its operations in Cuba. The Trump administration’s measures, including a de facto fuel blockade, threats of military intervention, and expanded sanctions, have compelled foreign enterprises to exit the country.
Sherritt recently announced the decision to retain its Cuban assets, including a partnership with Nickel Company S.A., a state-owned Cuban nickel enterprise. This reversal follows an earlier plan to dissolve these interests subsequent to U.S. sanctions on the joint venture.
Gillon, affiliated with the Washburne family, has ties to Ray Washburne, who held roles in the U.S. government under President Donald Trump. Sherritt has verified 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.
