Sherritt International Completes $400 Million Bought Deal Share Issue

On March 31, 2008, Sherritt International Corporation (TSX: S) completed its bought deal offering of 26.25 million common shares at $15.25 per common share, for gross proceeds of approximately $400 million. The offering was made under Sherritt's base shelf prospectus dated December 18, 2007, and is described in a prospectus supplement dated March 19, 2008. Sherritt intends to use the net proceeds from the offering for general corporate purposes and growth capital expenditures in Canada and Madagascar. Sherritt also granted the underwriters an over-allotment option, exercisable in whole or in part, to purchase up to an additional 3,937,500 common shares at the same offering price.

The syndicate of underwriters was co-led by GMP Securities LP and National Bank Financial Inc., and included Scotia Capital Inc.

Sherritt International, based in Toronto, is a diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and electricity.

Torys LLP represented Sherritt International with a team of Kevin Morris, John Emanoilidis, Mike Pickersgill, Adam Armstrong, Rima Ramchandani, Trish Randell, Simone Cleworth, John Unger, Catrina Card, Gregg Larson, Andrew Beck, Dennis Mahony, Tyson Dyck, Alison Lacy and Nadine Rockman, with assistance from Geoff Creighton and Jonathan Weisz.

Blake, Cassels & Graydon LLP represented the underwriters with a team of Ernest McNee, Will Fung, Ali Naushahi, Tim Sunar and Norbert Knutel.

Lawyer(s)

John Unger Kevin M. Morris Ali Naushahi Alison Lacy Michael T. Pickersgill Tyson W. Dyck Adam S. Armstrong Dennis E. Mahony William Fung John E. Emanoilidis Tim Sunar Ernest McNee Andrew J. Beck Nadine S. Rockman Katz Simone E.J. Cole Rima Ramchandani Catrina M. Card Norbert Knutel Jonathan B. Weisz