Sherritt to purchase up to C$75 million of outstanding debentures

On January 16, 2018, Sherritt International Corporation ("Sherritt") announced the commencement of an offer to purchase for cash its outstanding 8.0% senior unsecured debentures due 2021, 7.5% senior unsecured debentures due in 2023 and 7.875% senior unsecured notes due in 2025 for a targeted aggregate principal amount of up to C$75 million. Sherritt will fund the cash tender offer with the proceeds from its recently-completed C$132 million public offering of units, consisting of shares and warrants linked to the price of cobalt.

The offers were priced per C$1,000 principal amount for each series of notes determined by a modified Dutch Auction procedure whereby eligible participants may specify either the minimum offer they are willing to receive for each C$1,000 principal amount or accept the pre-defined clearing price determined by Sherritt to purchase each C$1,000 principal amount the holders choose to submit into the each offer.

Each series of notes were opened for tender on January 17, 2018 and expire at 5:00 pm Toronto time February 13, 2018, unless extended.

The settlement date of the offers is expected on or about February 16, 2018.

Sherritt is a world leader in the mining and refining of nickel and cobalt from lateritic ores with projects and operations in Canada, Cuba and Madagascar.

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