Sherritt International Corp. has recently entered a non-binding agreement with Gillon Capital LLC, the family office associated with a former Trump administration advisor, for the potential acquisition of a controlling interest in the company. The Canadian mining firm disclosed that the preliminary arrangement involves Gillon acquiring a warrant that enables it to purchase sufficient shares to secure a 55% ownership stake in Sherritt.
Should the transaction proceed, Sherritt anticipates that the purchase price from Gillon would be below the company’s closing share value on May 15. The company has faced escalating challenges due to U.S. sanctions impacting its operations in Cuba. Following the implementation of what Sherritt characterizes as a de facto fuel blockade and other restrictive measures by the Trump administration, foreign entities have been compelled to exit the country.
Sherritt, headquartered in Toronto, recently announced its decision to retain its Cuban interests, including a partnership with Nickel Company S.A., a state-run Cuban nickel enterprise, reversing an earlier plan to dissolve these ties due to U.S. sanctions against the joint venture.
Gillon, representing the Washburne family, has engaged in discussions with Sherritt under the agreement. Ray Washburne, a figure associated with the Trump administration, previously led the U.S. development bank and later served on the president’s intelligence advisory board. Sherritt has clarified that while the U.S. State and Treasury departments have not raised objections to Gillon’s negotiations with the company, any final agreement would necessitate their approval.
