HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – July 3, 2016) – Sunshine Oilsands Ltd. (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) (HKSE:2012)
By Order of the Board of Sunshine Oilsands Ltd.
Sun Kwok Ping, Executive Chairman
Hong Kong, July 4, 2016
Calgary, July 3, 2016
As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun, Mr. Hong Luo, Dr. Qi Jiang and Mr. Qiping Men as executive directors; Mr. Michael John Hibberd, Mr. Jianzhong Chen and Ms. Xijuan Jiang as non-executive directors; and Mr. Raymond Shengti Fong, Mr. Gerald Franklin Stevenson, Ms. Joanne Yan and Mr. Yi He as independent non-executive directors.
* For identification purposes only
The Board of Directors (the “Board“) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine“) (HKEX:2012) wishes to announce the following:
EXTENSION OF CLOSING DATE FOR PRIVATE PLACEMENT UNDER GENERAL MANDATE
Reference is made to the announcements of the Corporation dated March 16, 2016 (Hong Kong Time) / March 15, 2016 (Calgary Time), April 28, 2016 (Hong Kong Time) / April 27, 2016 (Calgary Time), May 16, 2016 (Hong Kong and Calgary Time) and June 22, 2016 (Hong Kong Time) / June 21, 2016 (Calgary Time) (collectively, the “Announcements“) in relation to the proposed issue of a total of 558,823,500 new Class “A” Common Voting Shares (“Common Shares“) to Bright Hope Global Investments Limited (“Bright Hope“) under the General Mandate (as defined in the Announcements).
The Board received a written request from Bright Hope for an extension of the closing date for the remaining 411,718,500 Common Shares (HK$139,984,290 or approximately CDN $23.5 million) subscribed for by Bright Hope due to recent global market conditions. After careful consideration of the matter, the Board consented to a further extension of the closing date to August 31, 2016 from June 30, 2016 with the view that such extension is in the best interests of the Corporation and its shareholders. The remaining 411,718,500 Common Shares Common Shares subscribed for by Bright Hope will be closed in one or more tranches with the last tranche closing no later than August 31, 2016.
To date, the Corporation has completed the closing of 147,105,000 Common Shares to Bright Hope authorized under the General Mandate for total gross proceeds of HK $50,015,700 (approximately CDN $8.2 million).
An announcement will be issued when the Corporation completes the closing of the remaining 411,718,500 Common Shares (HK$139,984,290 or CDN $23.5 million at current exchange rates) subscribed for by Bright Hope.
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.