HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – May 16, 2017) – The Board of Directors of Sunshine Oilsands Ltd. (“the Corporation” or “Sunshine“) (HKSE:2012) hereby announces the following:
The Corporation was informed by its major shareholder, Mr. Sun Kwok Ping (“Mr. Sun“), the executive director and chairman of the board of directors (the “Board“) of the corporation, that on May 16, 2017, Mr. Sun acquired a total of 1,000,000 shares of the corporation through on-market purchases for an aggregate consideration of HK$275,000.
Mr. Sun is confident about the future prospects of Sunshine and the oil industry and believes that there will be continued growth and development of the corporation. Mr. Sun does not rule out the possibility of further increasing his shareholding in Sunshine as he feels appropriate in the future, subject to compliance with applicable legal and regulatory requirements. As a result of the acquisition, Mr. Sun holds 1,267,202,500 shares in the Company, representing approximately 23.08% of the issued share capital of the Company.
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 rate of 5,000 barrels per day.