Announcements

This announcement is made by the Board of Directors of Sunshine Oilsands Ltd. pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance .

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on December 28, 2018.

On Hong Kong (December 20, 2018) / Calgary, Alberta (December 20, 2018), the Corporation entered into Settlement Agreement with the Trade Creditor, being an Independent Third Party and a trade creditor to the Corporation, pursuant to which the Corporation will allot and issue the Relevant Shares to the Trade Creditor as full and final settlement of the Partial Trade Payable.

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on December 14, 2018.

On Hong Kong (December 5, 2018) / Calgary, Alberta (December 4, 2018), the Corporation entered into Settlement Agreement with the Trade Creditor, being an Independent Third Party and a trade creditor to the Corporation, pursuant to which the Corporation will allot and issue the Relevant Shares to the Trade Creditor as full and final settlement of the Partial Trade Payable.

References were made to the announcements of the Corporation dated September 28, October 2, October 3 and October 5 2018 in relation to, among other matters, the placing of convertible bonds under general mandate in principal amount of up to HK$11,000,000 to third parties independent of and not connected with the Corporation and its connected persons.

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on November 29, 2018.

On November 23, 2018 in Calgary, the Corporation entered into Settlement Agreement with the Trade Creditor, being an Independent Third Party and a trade creditor to the Corporation, pursuant to which the Corporation will allot and issue the Relevant Shares to the Trade Creditor as full and final settlement of the Partial Trade Payable.

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on November 21, 2018.

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on November 16, 2018.

On November 15, 2018 in Hong Kong (November 14, 2018 in Calgary), the Corporation entered into Settlement Agreement with the Trade Creditor, being an Independent Third Party and a trade creditor to the Corporation, pursuant to which the Corporation will allot and issue the Relevant Shares to the Trade Creditor as full and final settlement of the Trade Payable.

Reference is made to the announcement dated November 9, 2018 (Hong Kong time) / November 8, 2018 (Calgary, Alberta) in relation to, among other matters, the formation of joint venture company in China.