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Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for February 2018

February 07, 2018

TORONTO--(BUSINESS WIRE)-- Sherritt International Corporation (TSX:S)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation (“Sherritt”) (TSX:S), a world leader in the mining and refining of nickel and cobalt from lateritic ores, today published the Applicable Reference Cobalt Price and Applicable Common Shares per Warrant Ratio for the three-month period ended January 31, 2018.

Reference Date  

Applicable Reference Cobalt
Price

 

Applicable Common Shares per
Warrant Ratio

January 31, 2018 US$33.97 1.00

Consistent with the terms of the Warrant Indenture dated as of January 25, 2018 and available on SEDAR, Sherritt will calculate and publish the Applicable Reference Cobalt Price based on the simple average of the midpoint of the Metal Bulletin High Price and the Metal Bulletin Low Price1, expressed in US dollars per pound, for the three consecutive full calendar months immediately preceding each monthly Conversion Ratio Reset Date. The Applicable Common Shares per Warrant Ratio disclosed here will apply on any warrant Exercise Date from, and including, February 8, 2018 through March 7, 2018.

The next Applicable Reference Cobalt Price and Applicable Common Shares per Warrant Ratio for the three-month period ended February 28, 2018 will be announced on March 7, 2018.

About Sherritt
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. 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”.

1 The “Metal Bulletin High Price” means the Cobalt low grade Metal Bulletin free market US$/lb in warehouse monthly average high; the “Metal Bulletin Low Price” means the Cobalt low grade Metal Bulletin free market US$/lb in warehouse monthly average low.

Source: Sherritt International Corporation

Sherritt International Corporation

Joe Racanelli, Director of Investor Relations

Telephone: 416-935-2457

Toll-Free: 1-800-704-6698

investor@sherritt.com

www.sherritt.com