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 majority ownership in the company. The Canadian mining firm disclosed that under the preliminary private placement arrangement, Gillon would possess a warrant enabling it to purchase adequate shares to secure a 55% controlling interest in Sherritt. Should the transaction proceed, Sherritt anticipates that Gillon will acquire the shares at a price lower than the closing market value on May 15.
The company has faced escalating challenges due to U.S. sanctions impacting its operations in Cuba. Sherritt has encountered obstacles since January, with the Trump administration imposing what the company describes as an effective fuel blockade, issuing military threats, and extending sanctions, prompting foreign enterprises to exit Cuba. In response to these developments, Sherritt recently announced its decision to retain its Cuban investments, including a partnership with Nickel Company S.A., a state-owned nickel enterprise, reversing a prior plan to dissolve the collaboration following U.S. sanctions.
Gillon represents the Washburne family, with Ray Washburne having previously served as the head of the U.S. development bank and a member of the president’s intelligence advisory board during President Donald Trump’s administration. Sherritt emphasized that the discussions with Gillon have received no objections from the U.S. State and Treasury departments, although formal approval from these entities would be necessary for any final agreement to be executed.