Sherritt Announces Closing of Non-Brokered Private Placement

• Sherritt closed a non‑brokered private placement of 207 million common shares at C$0.21 per share, generating ≈C$43.5 million gross proceeds.
• Major subscriber: Seymour Schulich purchased 68.6 M shares (~C$14.4 M).
• The placement was a related‑party transaction (existing shareholder holding ~13.5% of outstanding shares) but qualified for an exemption because the fair‑market value represented ≤25 % of market cap.
• Proceeds are earmarked for general corporate purposes, operational support and strategic initiatives; no change of control resulted.

Aspect	Prior expectation	Actual outcome	Impact
Financing need	Ongoing capital‑raising (March 30 announcement of up to C$50 M)	Execution of the financing at the announced price and size	Routine – Positive: confirms market confidence, adds cash without diluting beyond disclosed levels.
Shareholder dilution	Anticipated issuance of up to 238 M shares	207 M shares issued (≈87 % of the planned maximum)	Aligns with prior guidance; modestly less dilution than worst‑case scenario.
Pricing	Target price C$0.21 per share (as announced)	Closed at exactly C$0.21	No pricing premium – routine execution.
Liquidity	Need for cash to support Moa JV operations and debt service	Adds C$43.5 M to cash pool; combined with existing C$45 M liquidity in Canada (Q2 2025) improves short‑term runway.	Positive but expected; no material surprise.

Overall, the news does not materially alter Sherritt’s strategic outlook beyond confirming that financing plans are proceeding as announced. The transaction is a routine positive development, reinforcing the balance sheet after earlier debt restructuring.

Sherritt International Corp. is a diversified mining and power generation company focused on:

Segment	Asset	Location	Status
Metals	Moa Joint Venture (nickel‑cobalt)	Moa, Cuba	Producing; Phase‑2 expansion under commissioning; 2025 production guidance: 27–29 kt Ni, 3.0–3.2 kt Co (100 % basis).
Power	Energas S.A. (electricity generation)	Cuba	Producing; 2025 electricity guidance: 800–850 GWh (33 % basis); unit operating cost $23‑$24.50/MWh.

The company’s strategy is to maximize profitability by expanding low‑capital‑intensity capacity at Moa, displacing third‑party feedstock, and leveraging the power division’s cash flow.