Sherritt Announces Continuing Discussions with Key Stakeholders in connection with its Transaction and Postponement of Meetings
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OR FOR DISSEMINATION IN THE UNITED STATES
Sherritt Announces Continuing Discussions with Key
Stakeholders in connection with its Transaction and
Postponement of Meetings
Toronto, ON, April 8, 2020 – Sherritt International Corporation (“Sherritt” or the “Corporation”)
(TSX:S) announced today that in connection with ongoing discussions with key stakeholders in
respect of the Corporation’s transaction announced on February 26, 2020 (the “Transaction”) to
be implemented pursuant to a corporate plan of arrangement under the Canada Business
Corporations Act (the “CBCA”), the Corporation is postponing its previously scheduled meeting
of debtholders and meeting of shareholders (the “Meetings”).
Sherritt believes that it is appropriate and in the best interests of the Corporation to continue to
work towards a consensual transaction for the benefit of all stakeholders.
Sherritt will provide additional information with respect to the Meetings in due course.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel and cobalt from lateritic ores with
projects, operations and investments in Canada, Cuba and Madagascar. The Corporation is the
largest independent energy producer in Cuba, with extensive oil and power operations across the
island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining
and refining operations worldwide. The Corporation’s common shares are listed on the Toronto
Stock Exchange under the symbol “S”.
For more information, please contact:
Joe Racanelli, Director of Investor Relations
Telephone: 416-935-2457
Email: [email protected]
www.sherritt.com
Forward-Looking Statements
This news release contains certain forward-looking statements. Forward-looking statements can
generally be identified by the use of statements that include such words as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”,
“projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements
in this document include, but are not limited to, statements set out in this news release relating
to: the Transaction and discussions with stakeholders in connection therewith ; and the holding
and timing of the Meetings, and the provision of additional information in respect thereof.
Forward-looking statements are not based on historic facts, but rather on current expectations,
assumptions and projections about future events, including matters relating to the proposed
Transaction; commodity and product prices and demand; the level of liquidity; production results;
realized prices for production; earnings and revenues; and certain objectives, goals and plans.
By their nature, forward looking statements require the Corporation to make assumptions and are
subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts,
conclusions or projections will not prove to be accurate, that those assumptions may not be
correct and that actual results or payments may differ materially from such predictions, forecasts,
conclusions or projections.
The Corporation cautions readers of this news release not to place undue reliance on any forward-
looking statement as a number of factors could cause actual future results, conditions, actions or
events to differ materially from the targets, expectations, estimates or intentions expressed in the
forward-looking statements. These risks, uncertainties and other factors include, but are n ot
limited to, risks associated with the ability of the Corporation to receive all necessary regulatory,
court, third party and stakeholder approvals in order to complete the Transaction; the ability of the
Corporation to achieve its financial goals; the ability of the Corporation to operate in the ordinary
course during its CBCA proceedings, including with respect to satisfying obligations to service
providers, suppliers, contractors and employees; the ability of the Corporation to continue as a
going concern; the ability of the Corporation to continue to realize its assets and discharge its
liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to
fund ongoing operations and obligations (including debt obligations); the ability of the Corporation
to stabilize its business and financial condition; the ability of the Corporation to implement and
successfully achieve its business priorities; the ability of the Corporation to comply with its
contractual obligations, including, without limitation, its obligations under debt arrangements; the
general regulatory environment in which the Corporation operates; the tax treatment of the
Corporation and the materiality of any legal and regulatory proceedings; the general economi c,
financial, market and political conditions impacting the industry and markets in which the
Corporation operates; the ability of the Corporation to sustain or increase profitability, fund its
operations with existing capital and/or raise additional capital to fund its operations; the ability of
the Corporation to generate sufficient cash flow from operations; the impact of competition; the
ability of the Corporation to obtain and retain qualified staff, equipment and services in a timely
and efficient man ner (particularly in light of the Corporation’s efforts to restructure its debt
obligations); the ability of the Corporation to retain members of the senior management team,
including but not limited to, the officers of the Corporation; and the impact on business operations
of the Corporation resulting from the COVID-19 pandemic and the responses of government and
the public to the pandemic, matters relating to the Meetings, including attending such Meetings
and the timing thereof, and the implementation of the Transaction and timing thereof. Readers
are cautioned that the foregoing list of factors is not exhaustive and should be considered in
conjunction with the risk factors described in this news release and in the Corporation’s other
documents filed with the Canadian securities authorities, including without limitation the
Management’s Discussion and Analysis of the Corporation for the year ended December 31,
2019, and the Annual Information Form of the Corporation dated March 19, 2020 for the period
ending December 31, 2019, which are available on SEDAR at www.sedar.com.
The Corporation may, from time to time, make oral forward-looking statements. The Corporation
advises that the above paragraph and the risk factors described in this news release and in the
Corporation’s other documents filed with the Canadian securities authorities should be read for a
description of certain factors that could cause the actual results of the Corporation to differ
materially from those in the oral forward-looking statements. The forward-looking information and
statements contained in this news release are made as of the date hereof and the Corporation
undertakes no obligation to update publicly or revise any oral or written forward -looking
information or statements, whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. The forward-looking information and statements
contained herein are expressly qualified in their entirety by this cautionary statement.