07:31 AM EST, 12/11/2024 (MT Newswires) -- SC2 on Wednesday said it bought 40 million shares in Sherritt International ( SHERF ) from a shareholder at $0.155 apiece for a total of $6.2 million.

Prior to the agreement, SC2 transferred ownership of over 19,003,570 shares in Sherritt ( SHERF ) to Ewing Morris at $0.21 apiece for $4 million.

Immediately prior to the transaction, SC2 together with Ewing Morris and a director owned a 4.82% stake in Sherritt ( SHERF ).

Following the transaction, SC2, Ewing Morris and the director owned a 14.90% stake in Sherritt ( SHERF ).

SC2 acquired the shares as part of its investment objectives.

Sherritt's ( SHERF ) share price closed 8.3% lower last Tuesday to $0.165 on the TSX.