Record date for the special meeting to be held on October 31, 2018
CALGARY (September 17, 2018) and HONG KONG (September 17, 2018) – Reference is made to the announcement dated July 5, 2018 issued by Sunshine Oilsands Ltd (the “Corporation”) in relation to, among others, the grant of 300,000,000 options to Mr. Kwok Ping Sun.
IN RESPECT OF
- REFRESHMENT OF SCHEME MANDATE LIMIT
- GRANT OF OPTIONS
- CONNECTED TRANSACTION - PROPOSED AMENDMENT TO THE JOINT OPERATING AGREEMENT AND OTHER SUPPORTING AGREEMENTS GOVERNING THE MUSKWA AND GODIN AREAS
Reference is further made to the announcements dated August 19, 2013, September 26, 2013, September 27, 2013, October 21, 2013, July 27, 2018, August 15, 2018, August 17, 2018, August 23, 2018 and August 31, 2018 (collectively, the “Announcements”) issued by the Corporation, in relation to, among others, the joint operating agreement and other supporting agreements (collectively, the “Agreements”) entered into between the Corporation and Renergy Petroleum (Canada) Co., Ltd. (“Renergy”) with respect to the Corporation’s Muskwa and Godin area oil sands leases (“Leases”) and the proposed amendments to the terms of the Agreements (the “Proposed Amendment”).
The board of directors (the “Board”) of the Corporation hereby announces that it has approved to convene a special meeting of the shareholders of the Corporation (the “Shareholders”) on Wednesday, October 31, 2018 (Hong Kong time) / Tuesday, October 30, 2018 (Calgary time) (the “Special Meeting”) to consider and approve, among other things, (i) the refreshment of share option scheme mandate limit; (ii) the grant of 300,000,000 options to Chairman Kwok Ping Sun and (iii) the Proposed Amendment. The Board has also decided to fix the record date for the determination of the Shareholders who are entitled to receive the notice of, and to attend and vote at, the Special Meeting or adjournment thereof, at 4.30 p.m. on Thursday, October 4, 2018 (Hong Kong time) / at 2:30 a.m. Thursday, October 4, 2018 (Calgary time) (the “Record Date”).
Only Shareholders as at the Record Date are entitled to receive notice of the Special Meeting. Shareholders on record will be entitled to vote the Shares held by them as at the Record Date, unless any such Shareholder properly transfers the Shares after the Record Date and the transferee of those Shares, having produced properly endorsed certificates evidencing such shares or having otherwise established ownership of such Shares, demands, at least ten (10) days before the Special Meeting, that the transferee’s name be included in the list of Shareholders entitled to vote at the Special Meeting, in which case such transferee shall be entitled to vote such Shares at the Special Meeting.
A notice of the Special Meeting which contains, among other things, the time, venue and the detailed agenda of the Special Meeting, along with a management information circular concerning the matters to be considered at the Special Meeting, is expected to be sent to the Shareholders on or around October 6, 2018 (Hong Kong time) and will be available on the Hong Kong Stock Exchange’s website at www.hkexnews.hk, the SEDAR website at www.sedar.com or the Corporation’s website at www.sunshineoilsands.com
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 of 5,000 barrels per day.
For further enquiries, please contact:
Mr. Kwok Ping Sun
Executive Chairman
Tel: (852) 3188 9298
Email: [email protected]
FORWARD LOOKING INFORMATION
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 land-use 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 forward-looking 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 www.hkexnews.hk, on the SEDAR website at www.sedar.com or on the Corporation’s website at www.sunshineoilsands.com.