TORONTO (AP) — Canadian miner Sherritt International Corp. has signed a non-binding agreement with Gillon Capital LLC, a family office linked to a former adviser of U.S. President Donald Trump, that would allow Gillon to buy a majority stake in the company as it navigates sanctions on its operations in Cuba.
The company's announcement Wednesday comes a day after the Toronto-based Sherritt said it is no longer pursuing a plan to dissolve its Cuban joint venture, reversing a decision it announced last week amid expanded U.S. sanctions on the country.
The preliminary private placement deal would see Gillon hold a warrant that would allow it to buy enough shares to give it a 55% 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.
