Sherritt Power Becomes Private

Sherritt International Corporation and Sherritt Power Corporation completed a series of transactions on March 28, 2003, which resulted in Sherritt Power ceasing to be a public company. Before the transaction, Sherritt International held just less than half of the shares of Sherritt Power, and 1/3 of its outstanding notes. The $275 million transaction, effected with the consent of shareholders and noteholders, involved an amendment to the terms of the Sherritt Power notes, an amalgamation of Sherritt Power and a subsidiary of Sherritt International, and the wind-up of the amalgamated company into Sherritt International. Former securityholders of Sherritt Power received securities of Sherritt International, a diversified resource company.

Sherritt International was represented by Sam Ingram, Q.C., senior vice-president and general counsel, and by Torys LLP with a team that included Geoff Creighton, Matt Cockburn, Paul Guthrie, Nathan Verhagen and Rima Ramchandani (corporate), John Unger (tax) and Adam Delean and Alison Lacy (banking). Sherritt Power was represented by Stikeman Elliott LLP, with a team that included Ed Waitzer, Simon Romano, Karen Jackson and Brian Freeman (corporate) and Lianne Miller (tax).