Sherritt International Corporation
TSX : S

Sherritt International Corporation

October 29, 2014 16:30 ET

Sherritt Confirms Approval of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - Oct. 29, 2014) -

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

Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) announced today that the Toronto Stock Exchange ("TSX") has approved Sherritt's previously announced normal course issuer bid to purchase for cancellation up to 14,875,944 common shares, representing 5% of its outstanding common shares as of October 28, 2014, over a 12 month period (the "Program").

Repurchases under the Program may begin on November 3, 2014 and continue until November 2, 2015. There were 297,518,891 common shares outstanding as of October 28, 2014.

Repurchases under the Program may be made through the facilities of the TSX or alternative trading platforms or by such other means permitted by the TSX. Sherritt will pay the market price at the time of purchase. The actual number of common shares repurchased under the Program and the timing of such repurchases will be in Sherritt's discretion and will be subject to the limitations set out in TSX Company Manual. Based on the average daily trading volume of 1,201,617 common shares (for the six months ended September 30, 2014), daily purchases will be limited to 300,404 common shares, other than block purchase exceptions.

Sherritt believes that the market price of its common shares at certain times may be attractive and that the purchase of common shares from time to time may be in the best interests of the Corporation.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel 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".

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