Sherritt International Corp. has entered into a preliminary agreement with Gillon Capital LLC, the family office of a former Trump administration adviser, for Gillon to acquire a controlling interest in the company. The Canadian mining firm disclosed that under the non-binding private placement deal, Gillon would possess a warrant enabling it to purchase adequate shares to secure a 55 percent ownership stake in Sherritt. The company anticipates that the acquisition price by Gillon will be below the closing stock price on May 15 if the transaction proceeds.
Sherritt has faced escalating challenges due to U.S. sanctions affecting its operations in Cuba. The Trump administration has enforced measures that Sherritt contends have led to a de facto fuel blockade, threats of military intervention, and expanded sanctions, prompting foreign entities to exit the Cuban market. Recently, the Toronto-based company announced the decision to retain its Cuban interests, notably its partnership with Nickel Company S.A., a state-owned Cuban nickel enterprise, reversing an earlier plan to dissolve the collaboration following U.S. sanctions.
Gillon, representing the Washburne family, has ties to former U.S. President Donald Trump’s administration through Ray Washburne, who previously led the U.S. development bank and later served on the president’s intelligence advisory board. Sherritt clarified that the U.S. State and Treasury Departments have not raised objections to Gillon’s discussions with the company, although any final agreement would necessitate their approval.