Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
August 15, 2019

Completion of issuing new shares under general mandate for debt settlement

Hong Kong (August 16, 2019) and Calgary, Alberta (August 15, 2019) – The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) is pleased to announce the following:

Reference was made to the announcement of the Corporation dated August 9, 2019 (Hong Kong time) (the “Announcement”) in relation to, among others, the issuing of new Shares under the General Mandate for full and final settlement of the Debt Payable. Unless otherwise specified, terms used herein shall have the same meanings as those defined in the Announcement.


The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and Completion took place on August 16, 2019. A total of 57,690,480 Relevant Shares have been successfully issued to the Creditor at an Issue Price of HK$0.077 per Relevant Share pursuant to the terms and conditions of the Settlement Agreement.

To the best of the Director’s knowledge, information and belief, having made all reasonable enquiries, the Creditor and its ultimate beneficial owners are Independent Third Parties not connected with the Connected Persons (as defined under the Listing Rules) of the Corporation. The proceeds from the Issuance amount to HK$4,442,166.93 which will be totally used as full and final settlement of the Debt Payable.


The aggregate 57,690,480 Relevant Shares represent (i) approximately 0.94% of the issued share capital of the Corporation immediately before Completion of the Issuance and (ii) approximately 0.93% of the issued share capital of the Corporation as enlarged by the allotment and Issuance of all the Relevant Shares.

Set out below is the shareholding structure of the Corporation immediately before and after Completion of Issuance all Relevant Shares:



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]


This announcement contains forward-looking information relating to, among other things, (a) the closing of, and the anticipated timing of the closing of, the Placing; (b) the future financial performance and objectives of the Corporation; and (c) 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 August 31, 2018 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