Sherritt International Corporation (TSX: S) completed a non-brokered private placement of common shares, raising approximately $43.5 million in gross proceeds.

The Toronto-based company issued approximately 207 million common shares from treasury at $0.21 per share. Seymour Schulich, through a controlled corporation, subscribed for 68.6 million shares, contributing approximately $14.4 million to the total proceeds.

Sherritt stated the net proceeds will be used for general corporate purposes and to support operations and strategic initiatives. An existing shareholder holding approximately 13.5% of outstanding shares participated in the placement, which constituted a related party transaction under Multilateral Instrument 61-101.

The company relied on exemptions from formal valuation and minority shareholder approval requirements because the fair market value of securities issued to the related party did not exceed 25% of Sherritt's market capitalization. The private placement did not result in a change of control.

Sherritt operates a nickel and cobalt refinery in Alberta, which the company describes as the only significant cobalt refinery and one of three nickel refineries in North America. The company's Moa Joint Venture produces these critical minerals with an estimated mine life of approximately 25 years.

The corporation's Power division owns Energas, which generates electricity for Cuba's national electrical grid using domestically sourced natural gas. The securities in the private placement were not registered under U.S. securities laws and cannot be offered or sold in the United States without registration or an applicable exemption.