Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
March 4, 2019

Supplementary Announcement in relation to the formation of Joint Venture Project Company in China and entering into Project Cooperation Agreement

Hong Kong (March 4, 2019) and Calgary, Alberta (March 4, 2019) - The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to supplement the following information:

References were made to the announcement and the clarification announcement, both dated November 9, 2018 (Hong Kong time), and the announcement dated February 28, 2019 (Hong Kong time) issued by the Corporation (collectively, the “Announcements”) in relation to, among others, the formation of joint venture company and joint venture project company in China. Unless defined otherwise, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

The Board wishes to supplement that, the Corporation and the Affiliate (the “Parties”) expect to initially invest up to a total of HKD19,000,000 into the JV Project Company by contributing to its registered capital.  The JV Project Company is in fact a JV Company as established in Chengde City, Hebei Province.  The contribution amount will be HKD9,690,000 by Sunshine and HKD9,310,000 by the Affiliate, representing their proportionate interests held in the JV Project Company, i.e. 51% and 49% respectively.

The initial registered capital contribution of the JV Project Company, i.e. HKD19,000,000, is determined between the Parties after arms’ length negotiation and with reference to the project size as well as the expected initial stage funding requirements of the JV Project Company.  Save for the capital commitments as stated above, Sunshine is not required to make further capital commitments at the current stage. Should the Parties to the JV Project Company are required to make any further capital commitments, further announcement(s) will be made in accordance with the Listing Rules. The capital contribution to be made by Sunshine will be funded by its internal resources.

The Board wishes to emphasize that the aforesaid JV Project Company formation may or may not proceed.  In the event that any formal agreements or arrangements are entered into regarding the JV Project Company may constitute a notifiable transaction under the Listing Rules, the Corporation will make further announcement(s) as and when appropriate.

Shareholders and potential investors are required to exercise caution when dealing in the shares 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. Kwok Ping Sun
Executive Chairman
Tel: (852) 3188 9298



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 Co-operation, 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 February 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