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 disclosed that under the preliminary private placement arrangement, Gillon would possess a warrant enabling it to purchase sufficient shares to secure a 55 percent ownership stake.
Should the transaction proceed, Sherritt anticipates that Gillon’s acquisition price will be below the company’s closing stock price on May 15. Sherritt has faced escalating challenges due to U.S. sanctions impacting its operations in Cuba. The company highlighted that since January, the Trump administration has imposed measures such as a de facto fuel blockade and threatened military intervention, compelling international enterprises to exit the country.
In a recent announcement, the Toronto-based company indicated a reversal in its decision to dissolve its Cuban interests, notably a partnership with Nickel Company S.A., a state-owned Cuban entity. This change in direction followed U.S. sanctions imposed on the joint venture earlier this month.
Gillon serves as the family office for the Washburne family, with Ray Washburne having previously held positions appointed by President Donald Trump, including overseeing the U.S. development bank and serving on the president’s intelligence advisory board. Sherritt confirmed that discussions with Gillon have received no objections from the U.S. departments of State and Treasury; however, any formal agreement would necessitate their approval.
