HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – Dec. 6, 2016) –
Grant of Options
The board of directors of Sunshine Oilsands Ltd. (the “Corporation“) (HKEX:2012) announces that share options (the “Options“) to acquire Class “A” common shares in the capital of the Corporation (the “Shares“) were granted by the Corporation, to certain employees of the Corporation (the “Grantees“), under its share option scheme adopted on January 26, 2012, as amended on May 7, 2013 and June 13, 2013 (the “Share Option Scheme”), subject to acceptance by the Grantees, with details as follows:
|Date of grant||:||December 4, 2016 (Calgary)|
|Number of Options granted||:||An aggregate of 6,632,943 Options in respect of 6,632,943 Shares(1)|
|Exercise price of Options granted||:||HK$0.410 (CDN$0.07 equivalent)(1) per Share|
|Closing price of the Shares on the date of grant||:||HK$0.395|
|Validity period of the Options||:||Five (5) years|
- The Options were priced in Canadian dollars and the Hong Kong dollar price is based on the Bank of Canada noon exchange rate on the date of grant.Each Option shall entitle each of the Grantees to subscribe for one Share upon exercise of such Option at an exercise price of HK$0.410 (CDN$0.07 equivalent) per Share, which is higher than (i) the closing price of HK$0.395 (CDN$0.07 equivalent) per Share as quoted on the Stock Exchange on the date of grant of the Options; and (ii) the average closing price of HK$0.404 (CDN$0.07 equivalent) per Share as quoted on the Stock Exchange for the 5 trading days immediately preceding the date of grant of the Options.
Included in the total Options granted are the following Options granted to the chief financial officer of the Corporation:
|Name||Number of Options Granted|
|Gloria Ho, Chief Financial Officer||5,000,000|
None of the Grantees is a substantial shareholder, chief executive or director of the Corporation, nor an associate (as defined under the Listing Rules) of any of them.
Appointment of Canadian Corporate Secretary
The Corporation announces the appointment of Dan Shea as Canadian Corporate Secretary. Mr. Shea is an associate at Dentons Canada LLP, whose practice focuses principally on capital markets transactions. He has handled a wide range of public and private debt and equity financings for issuers and their underwriters, including initial public offerings and investment grade and high-yield financings. He has also worked on a broad range of mergers and acquisitions.
ABOUT SUNSHINE OILSANDS LTD.
The Corporation is a Calgary based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region of Alberta, Canada. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production target rate of 5,000 barrels per day.