06:34 AM EDT, 04/09/2024 (MT Newswires) -- SC2 Inc. overnight Monday reported an offer to buy nearly 21.6 million common shares of Sherritt International Corp. ( SHERF ) at $0.37 per common share, payable in cash.

According to a statement, the purchase price is equal to an approximate 19.4% premium to the closing price of the common shares on the Toronto Stock Exchange on April 8, 2024 (being the previous trading day to the date of announcement of the offer) and an approximate 27.6% premium to the volume-weighted average trading price of the common shares on the TSX for the 30 trading days prior to the announcement of the offer.

The offer is for up to 21.6 million of the outstanding common shares of Sherritt ( SHERF ). The offer is open for acceptance until 5 pm (Calgary time) on May 10, unless extended, varied, or withdrawn.

SC2 said it made the offer following recent engagements with management and the board of Sherritt ( SHERF ).