HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – Feb. 5, 2016) – The Board of Directors (the “Board“) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine“) (HKSE:2012) announces the following:
Reference is made to the Company’s announcement of August 8, 2014 relating to the Company’s offering of $US 200 million principal amount of senior secured notes (the “Notes“). Under the terms of the Notes, the maturity date for the Notes was August 1, 2017 and, if certain events did not take place, August 1, 2016. The Company confirms that the maturity date for the Notes is now August 1, 2016 as the Company has determined not to complete the requirements to maintain an August 1, 2017 maturity date by the applicable deadline. The Company also confirms that the interest on the Notes was fully paid on February 1, 2016. The Company is proceeding with initiatives to refinance this debt.
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. 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.