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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.
Sherritt, which has a 32-year presence on the island, 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 Trump as head of the U.S. development
bank known as Overseas Private Investment Corporation from 2017
to 2019. He later served as a member of the president’s
intelligence advisory board. He was vice chairman of the Trump
Victory Committee in 2016 and has been a major Republican
fundraiser.
Gillon did not immediately respond to a request for comment.
In connection with the agreement, Sherritt says it has confirmed
that the U.S. State and Treasury Departments do not object to
Gillon’s talks with the company, but that any deal would require
their approval.
“Sherritt has engaged constructively with the United States
Department of State, which has confirmed that the Department of
State and Department of Treasury do not object to Gillon
Capital’s engagement in negotiations with the Corporation and,
based on the information provided to date, do not consider such
negotiations to be contrary to U.S. law,” Sherritt said in a
statement.
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