Sherritt plans share issue

Nickel refiner Sherritt (TSE) will raise $194 million by issuing 18.5 million shares, on a bought-deal basis, at $11 each.

The agreement, scheduled to be completed Feb. 10, is subject to regulatory approval.

Proceeds will be used partly for acquisitions, with Sherritt currently negotiating to buy most of the fertilizer assets of Imperial Oil. The proposed base purchase price is $365 million.