Sherritt International Corp T.S

EMBARGO DETAILS AGAINST CUBA CONFIRMED BY SHERRITT I.R.

[CommonCents123]

Although I provided this information to you guys already, I wanted it confirmed by Sherritt.  Indeed my narrative regarding the embargo has been corroborated.  Yes, Cuba trades with other countries but there are limits and there are also consequences.  ANYONE who disputes the impact of the embargo is completely incompetent and their advice should be ignored.  Panasonic is a clear example of how companies are careful about how they source materials that they want to sell into the BIGGEST ECONOMIC, MOST POWERFUL MILITARIZED country in the world...The USA.

Sherrit Investor Relations Response:

I would encourage you to review the section in Sherritt’s latest Annual Information form for a fulsome discussion on the Embargo and Helms-Burton (Risks Related to U.S. Government Policy Towards Cuba. see page 43).
 
Can you provide me a short concise summary on how and why Sherritt and its officers are penalized by the embargo? 
 
From the AIF:
Embargo: In its current form, apart from the Helms-Burton Act, the embargo applies to most transactions directly or indirectly involving Cuba, Cuban enterprises, Cuban-origin goods, and Cuban nationals and it bars all persons “subject to the jurisdiction of the United States” from participating in such transactions unless such persons have general or specific licenses from the U.S. Department of the Treasury (“U.S. Treasury”) authorizing their participation in the transactions.
 
The embargo also targets dealings directly or indirectly involving entities deemed to be owned or controlled by Cuba and listed as specially designated nationals (“SDNs”). The three entities constituting the Moa Joint Venture in which Sherritt holds an indirect 50% interest have been deemed SDNs by U.S. Treasury. Sherritt, however, is not an SDN.
 
Helms-Burton Act:  Separately from the general provisions of the embargo summarized above, the Helms-Burton Act authorizes sanctions on U.S. or non-U.S. individuals or entities that “traffic” in Cuban property that was confiscated by the Cuban Government from U.S. nationals or from persons who have become U.S. nationals. The term “traffic” includes various forms of use of Cuban property as well as “profiting from” or “participating in” the trafficking of others.
 
The Helms-Burton Act authorizes damage lawsuits to be brought in U.S. courts by U.S. claimants against those “trafficking” in the claimants’ confiscated property. All Presidents of the United States in office since the enactment of the Helms-Burton Act have suspended the right of claimants for successive six-month periods until the former U.S. administration ceased such suspensions and allowed Title III to come into effect on May 2, 2019.
 
The Helms-Burton Act also authorizes the U.S. Secretary of State and the U.S. Attorney General to exclude from the United States…those aliens who are corporate officers, principals, or controlling shareholders of “traffickers.”
 
Sherritt has not been subjected to any lawsuits in this [under the Helms-Burton Act]. In the event that any such lawsuits were to be filed, Sherritt does not believe that its operations would be materially affected because Sherritt’s current minimal contacts with the United States would likely deprive any U.S. court of personal jurisdiction over Sherritt. Furthermore, even if personal jurisdiction were exercised, any successful U.S. claimant would currently have to seek enforcement of the U.S. court judgment outside the U.S. in order to reach material Sherritt assets. Management believes it unlikely that a court in Canada or in any country in which Sherritt has material assets would enforce a Helms-Burton Act judgment against it.
 
In Summary, the activities of owning an interest in and transacting with the three SDN’s makes Sherritt subject to the certain risks and restrictions under the Embargo and has taken significant action to limit these risks.
 
Are the officers of the company banned from the USA?  Are other companies also feeling the same effects of the embargo? 

Certain of our officers and directors are prevented from entering the USA. This prohibition would extend to other companies and identified officers and directors that meet the criteria under the Act.
 
Does this embargo extend to other countries that conduct business with Cuba or does this affect other companies that do business with Cuba?

The embargo and Helms-Burton Act extends to all “persons” (including companies) as defined under the Act wherever they are located and would these persons would be prohibited from transacting business in the US if they meet the criteria.

*You're welcome stockhouse fans...this is how you conduct due diligence. Going to the source.  Not by spouting fantasies and trying to discredit credible sources.  Know your sources and pay attention to the actual words. Don't let yourself become a victim.

Just remember that a "pump-and-dump" is an illegal scheme to boost a stock's or security's price based on false, misleading, or greatly exaggerated statements.  Drilling for oil doesn't mean you will find oil, being in talks with a country or company doesn't mean those talks will be fruitful, providing estimates of revenues based on prices of Nickel that have not been realized is worthless.  Forward-looking statements (by Sherritt and other companies) should be read and understood. It's their way of covering themselves from liability.   

Question and analyze everything...don't get burned.  Look at behaviour and language.  Is it clear, concise, intelligent, realistic and relevant?  The person hiding intentions will lash out and bully anyone getting in the way of a scam. High-pressure sales.  If it's too good to be true....then it probably isn't true.

Caveat Emptor = Latin for let the buyer beware.  

Enjoy your evening.

[CommonCents123]

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