Sherritt International Corporation (TSX: S) announced a non-brokered private placement to raise up to $50 million through the issuance of up to 238,095,238 common shares at $0.21 per share.

The private placement includes participation from Seymour Schulich, who has agreed to purchase up to 68,600,000 shares for gross proceeds of up to $14.4 million through a corporation he controls. An existing shareholder holding approximately 13.5% of outstanding shares will also participate in the offering.

The transaction is expected to close on or about April 7, 2026, subject to customary closing conditions and regulatory approvals, including Toronto Stock Exchange approval. The company stated the net proceeds will be used for general corporate purposes and to support operations and strategic initiatives.

The participation of the existing large shareholder constitutes a related party transaction under Multilateral Instrument 61-101. Sherritt expects to rely on exemptions from formal valuation and minority shareholder approval requirements since the fair market value of securities issued to the related party does not exceed 25% of the corporation's market capitalization.

Separately, Sherritt announced that Louise Blais has stepped down from its board of directors to focus on commitments at her strategic advisory firm Blais Global.

Sherritt operates nickel and cobalt mining and refining operations, including a refinery in Alberta, Canada, and the Moa Joint Venture. The company also operates power generation assets in Cuba through its ownership in Energas.