Announcements

The Board of Directors of Sunshine Oilsands Ltd. is pleased to announce the following: The Board is pleased to announce that all conditions of the Placing Agreement have been fulfilled and the Completion took place on April 13, 2017.

On April 5, 2017 in Hong Kong, the Corporation entered into a Debt Settlement Agreement with Creditor A, being an Independent Third Party and a creditor to the Corporation, pursuant to which the Corporation will allot and issue the Relevant Shares to Creditor A as full and final settlement of the Partial Debt.

Sunshine Oilsands Ltd. wishes to announce that the Board has accepted the resignation of Mr. Chen Jianzhong as a non-executive, representative director of the Corporation effective immediately.

This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Corporation would like to clarify an error in the 2nd paragraph under “LONG-TERM FORBEARANCE REINSTATEMENT WITH NOTEHOLDERS” that the Company agreed to repay bond principal should be of up to “USD8.9 million” by issuance of shares instead of approximately “USD11.2 million”, which therefore the NEA is to be executed. Save as stated above, all information contained in the Announcement remains unchanged.

The Board is pleased to announced that all conditions of the Placement have been fulfilled and partial completion of the Placement took place on March 28, 2017.

The Board is pleased to announce that all conditions of the Placing Agreement have been fulfilled and the Completion took place on March 24, 2017. An aggregate of 247,350,000 Placing Shares were allotted and issued to not less than six Placees at the Placing Price of HK$0.283 per Placing Share pursuant to the terms and conditions of the Placing Agreement.

Reference is made to the announcements of the Company dated August 5, 2014, August 8, 2014 and February 5, 2016 (all Hong Kong time) in relation to, among other things, the offering of US$200 million principal amount of senior secured notes.

On March 20, 2017, the Corporation and China Petroleum Engineering & Construction Corporation (CPECC) have signed a Memorandum of Understanding in relation to the West Ells Phase II project expansion.

The Board of Directors of Sunshine Oilsands Ltd. is pleased to announce the following:

The board of directors of Sunshine Oilsands Ltd. hereby announces that a meeting of the Board will be held on or about 8:00 p.m. on Tuesday, March 21, 2017 in Calgary, Canada (on or about 10:00 a.m. Hong Kong time on Wednesday, March 22, 2017), for the purpose of, approving the annual results and report of the Company and its subsidiaries for the year ended December 31, 2016 and their publications.

On March 1, 2017 (Hong Kong Time) / February 28, 2017 (Calgary Time), the Corporation is pleased to announce that the West Ells Phase I project located in the Athabasca region of Alberta has achieved commercial production on March 1, 2017.