Announcements

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

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on December 16, 2019. An aggregate of 51,636,500 Relevant Shares were allotted and issued to the Trade Creditor at an Issue Price of HK$0.0524 per Relevant Share pursuant to the terms and conditions of the Settlement Agreement.

Reference was made to the announcement of the Corporation dated December 5, 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 Trade Payable. Unless otherwise specified, terms used herein shall have the same meanings as those defined in the Announcement.

COMPLETION OF ISSUING NEW SHARES UNDER GENERAL MANDATE

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and Completion took place on December 16, 2019. A total of 51,636,500 Relevant Shares have been successfully issued to the Trade Creditor at an Issue Price of HK$0.0524 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 in the amount of CDN$ 456,998.40 (approximately HK$ 2,705,752.6) would be totally used for full and final settlement of the Trade Payable.

EFFECT ON SHAREHOLDING STRUCTURE

The aggregate 51,636,500 Relevant Shares represent (i) approximately 0.81% of the issued share capital of the Corporation immediately before Completion of the Issuance and (ii) approximately 0.81% of the issued share capital of the Corporation as enlarged by the allotment and Issuance of all the Relevant Shares.

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]
Website: www.sunshineoilsands.com