Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
March 23, 2018

Voluntary announcement increase in shareholding in the corporation by a person connected to the non-executive vice chairman

Hong Kong (March 23, 2018) and Calgary, Alberta (March 23, 2018) – The Board of Directors of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) hereby announces the following:


The Corporation was informed by Mr. Michael John Hibberd (“Mr. Hibberd”), the non-executive director and vice chairman of the board of directors (the “Board”) of the Corporation, that on March 22, 2018, Mrs. Frances Diane Hibberd, wife of Mr. Michael John Hibberd, acquired a total of 500,000 shares of the Corporation through on-market purchase for an aggregate consideration of HK$120,000 (at an average price of HK$0.24 per share).

Mr. and Mrs. Hibberd are confident about the future prospects of Sunshine and the oil industry and believe that there will be continued growth and development of the Corporation. Mr. and Mrs. Hibberd do not rule out the possibility of further increasing their shareholding in Sunshine as they feel appropriate in the future, subject to compliance with applicable legal and regulatory requirements. As a result of the acquisition, Mr. and Mrs. Hibberd collectively holds 104,774,685 shares in the Corporation, representing approximately 1.76% of the issued share capital of the Corporation.


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 of 5,000 barrels per day.

For further enquiries, please contact:

Mr. Qiping Men
Chief Executive Officer
Tel: (1) 403 984-5142


This announcement contains forward-looking information relating to, among other things, the plans and expectations of the Corporation. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”, “goal”, “outlook”, “may”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the Corporation’s experience, current beliefs, assumptions, information and perception of historical trends available to the Corporation, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including changes to regulatory approval process and landuse designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation’s actual results may differ materially from those expressed or implied. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation. The forwardlooking statements speak only as of the date of this announcement and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of the Corporation’s material risk factors, see the Corporation’s annual information form for the year ended December 31, 2017 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at, on the SEDAR website at or on the Corporation’s website at