HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – Sept. 1, 2016) – The Board of Directors (the “Board“) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine“) (HKSE: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, April 28, 2016, May 16, 2016, June 22, 2016 and July 4, 2016 (all Hong Kong time) (collectively, the “Announcement“) 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 Announcement).
The Board of Directors received a request from Bright Hope for an extension of the closing date for the remaining 411,718,500 Common Shares (approximately HK$140.0 million or approximately CDN $23.7 million) subscribed for by Bright Hope due to the additional time that has been required for the Corporation and the holders of the Corporation’s senior secured notes (the “Noteholders“) to negotiate and finalize definitive documentation to provide for, among other things, an extension of the maturity date of the indebtedness owed to the Noteholders to August 1, 2017. After careful consideration, including the advice of the Corporation’s legal counsel relating to the terms and conditions of the subscription agreement and the rights of each party thereunder, the Board of Directors agreed to a further extension of the closing date to October 31, 2016 from August 31, 2016 with the view that such extension is in the best interests of the Corporation and its shareholders. The remaining subscribed Common Shares can now be closed in one or more tranches with the last tranche closing no later than October 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 $50,150,700 (approximately CDN $8.2 million).
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.