Sherritt International completes C$400 million bought deal share issue

Torys acted as counsel to Sherritt International with a team that included Kevin Morris, John Emanoilidis, Michael Pickersgill, Adam Armstrong, Rima Ramchandani, Trish Finkelstein, Simone Cleworth, John Unger, Catrina Card, Gregg Larson, Andy Beck, Dennis Mahony, Tyson Dyck, Alison Lacy and Nadine Rockman Katz, with assistance from Geoff Creighton and Jonathan Weisz.

On March 31, 2008, Sherritt International Corporation (TSX: S) completed its bought deal offering of 26.25 million common shares at C$15.25 per common share, for gross proceeds of approximately C$400 million. The offering was made under Sherritt's base shelf prospectus dated December 18, 2007 and is described in a prospectus supplement dated March 19, 2008. Sherritt intends to use the net proceeds from the offering for general corporate purposes and growth capital expenditures in Canada and Madagascar. Sherritt has also granted the underwriters an over-allotment option, exercisable in whole or in part, to purchase up to an additional 3,937,500 common shares at the same offering price.

The syndicate of underwriters was co-led by GMP Securities LP and National Bank Financial Inc., and included Scotia Capital Inc.

Sherritt International, based in Toronto, is a diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and electricity.