07:10 AM EDT, 04/24/2024 (MT Newswires) -- Sherritt International ( SHERF ) overnight Tuesday released a statement responding to "misleading information" released by SC2 on April 22, regarding its mini-tender offer to purchase up to 21.6 million common shares at $0.37 each.

SC2 was incorporated in early April and is affiliated with Seablinc Canada, a significant supplier to Sherritt's ( SHERF ) Moa joint venture in Cuba, the company said, adding that SC2 has not been transparent about its relationship with Seablinc or about Seablinc's commercial relationship with Sherritt.

Seablinc is a commodity procurement solutions company in Alberta, staffed with some former Sherritt employees. Sherritt, which also noted that Seablinc intends to nominate a director, said it has a successful board renewal process. It has appointed two new independent directors this year, on top of a new independent director in each of the three years prior. "This does not reflect an entrenched board but demonstrates a commitment to succession with a proper and staged process to bring in new talent and ideas."

It recommends shareholders take no action in response to SC2's offer and do not tender their shares and give away their voting rights for the annual shareholders' meeting.