Sherritt signs preliminary deal to sell majority stake in company

A man walks his dog along Havana Bay where the Mexican Navy ship Papaloapan arrives in Cuba. (AP Photo/Ramon Espinosa)

TORONTO — Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC, a family office of a former Trump administration adviser, that would allow Gillon to buy a majority stake in the company.

The Canadian miner says the preliminary private placement deal would see Gillon hold a warrant that would allow it to buy enough shares to give it a 55 per cent stake in the company.

If the deal goes ahead, Sherritt says it expects the price paid by Gillon will be at a discount to its closing share price on May 15.

Sherritt suspended direct participation in its Moa joint venture in Cuba earlier this month after the U.S. ramped up pressure on the Caribbean country.

Gillon is the family office for the Washburne family. Ray Washburne was appointed by U.S. President Donald Trump as head of the U.S. development bank from 2017 to 2019. He later served as a member of the president’s intelligence advisory board.

In connection with the agreement, Sherritt says it has confirmed that the U.S. departments of state and treasury do not object to Gillon’s talks with the company, but that any deal would require their approval.

This report by The Canadian Press was first published May 20, 2026.

Read more:

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• Sherritt shares down after auditors and CFO resign amid U.S. sanctions
• Sherritt suspends Cuban joint venture participation as U.S. expands sanctions