Sherritt International Corp. has announced a non-binding pact with Gillon Capital LLC, the family office of a former Trump administration advisor, for the potential acquisition of a controlling interest in the company. Under the preliminary private placement arrangement, Gillon is poised to acquire a warrant enabling it to purchase sufficient shares to secure a 55 percent ownership stake in Sherritt. The company anticipates that the transaction value agreed upon with Gillon will be below the closing share price recorded on May 15.
In response to escalating U.S. sanctions impacting its operations in Cuba, Sherritt has faced significant challenges. The Trump administration has imposed restrictions that Sherritt characterizes as a de facto fuel embargo since January. This has culminated in threats of military intervention and an expansion of sanctions, compelling international entities to exit the country.
Sherritt, headquartered in Toronto, has declared its decision to retain its Cuban interests intact, including its partnership with Nickel Company S.A., a Cuban state-owned nickel enterprise. This reversal of plans follows the imposition of sanctions on the joint venture by the U.S. earlier this month.
Gillon, representing the Washburne family, has engaged in discussions regarding the agreement. Ray Washburne, who led the U.S. development bank under President Donald Trump from 2017 to 2019 and subsequently served on the president’s intelligence advisory board, has ties to Gillon. Sherritt has verified that the U.S. Departments of State and Treasury have no objections to Gillon’s negotiations with the company; however, any formal agreement would necessitate their approval.
