Sherritt Announces Non-Brokered Private Placement for up to $50 Million

Executive Summary

• Sherritt International Corp. announced a non‑brokered private placement of up to 238,095,238 common shares at $0.21 per share, targeting aggregate gross proceeds of up to $50 million.
• Investor Seymour Schulich will subscribe for up to 68,600,000 shares (≈ $14.4 M) within the placement.
• The private placement is expected to close around April 7, 2026, subject to customary conditions and TSX approval; proceeds will be used for general corporate purposes and strategic initiatives.
• Concurrently, Board member Louise Blais stepped down effective immediately to focus on her advisory firm.

Key Details

• Placement Size & Pricing: Up to 238,095,238 common shares at $0.21 per share, total gross proceeds up to $50 million.
• Schulich Subscription: Up to 68,600,000 shares for aggregate gross proceeds of up to $14,406,000.
• Closing Date: Expected on or about April 7, 2026, pending customary closing conditions and TSX approval.
• Use of Proceeds: General corporate purposes, support of operations, and strategic initiatives.
• Related Party Transaction: Existing shareholder holding ~13.5% of outstanding shares will participate; exemption from MI 61‑101 valuation/minority approval requirements applied (fair market value ≤ 25% of market cap).
• Control Impact: No change of control resulting from the placement.
• Regulatory Note: Securities not registered under U.S. securities laws; cannot be offered/sold in the U.S. absent exemption/registration.
• Board Update: Louise Blais resigned from the Board effective immediately to concentrate on Blais Global; Chair Brian Imrie thanked her for contributions.

Notable Quotes

“This private placement marks a significant development for Sherritt as we continue to navigate through a challenging operating environment. We appreciate the strong support shown by both new and existing shareholders, which reflects their confidence in Sherritt’s future prospects.” – Brian Imrie, Chair of the Board

Materiality Assessment: Material – Positive (significant financing that enhances liquidity and supports strategic initiatives).