Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
Reference is made to the Company’s circular (the “Circular”), the notice (the “Notice”) of the special general meeting of shareholders (the “SGM” or the “General Meeting”) of Sunshine Oilsands Ltd. (the “Company”) and the accompanying form of proxy, all dated January 22, 2020.
Capitalized terms used herein shall have the same meanings as defined in the Circular unless the context requires otherwise.
POLL RESULTS
The Board wishes to announce that, the resolution as set out in the Notice was duly passed by the Shareholders by way of poll at the General Meeting. Computershare Hong Kong Investor Services Limited, the Company’s branch share registrar in Hong Kong, was appointed as the scrutineer for the vote-taking at the General Meeting.
*For identification purposes only
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As at the date of the General Meeting, the total number of shares in issue of the Company was 6,405,581,506 Shares, which was the total number of Shares entitling the Shareholders to attend and vote for or against the resolutions at the General Meeting. There were no restrictions on any Shareholders to cast votes only against the proposed resolutions at the General Meeting. There were no Shares entitling the Shareholders to attend and abstain from voting in favor of the resolutions at the General Meeting as set out in Rule 13.40 of the Listing Rules. No Shareholders were required to abstain from voting at the General Meeting under the Listing Rules. No Shareholders had stated their intention in the Circular to vote against or to abstain from voting on the resolutions at the General Meeting.
SHARE CONSOLIDATION
Subject to all conditions precedent to the Share Consolidation have been fulfilled, the Share Consolidation will become effective on Wednesday, February 26, 2020 (Hong Kong time). Please refer to the Circular for the details, including the trading arrangement of the Consolidated Shares and the exchange and replacement of share certificates in respect of the Share Consolidation. The Shareholders should note that upon the Share Consolidation becoming effective, the colour of the share certificates of the Company will be changed from orange to purple.
The Share Consolidation may lead to adjustments to (i) the conversion price of the Convertible Bonds and the number of Consolidated Shares falling to be issued upon the exercise of the conversion rights attaching to the Convertible Bonds in accordance with the terms and conditions of the Convertible Bonds; and (ii) the exercise price of the Options and the number of Consolidated Shares falling to be issued upon exercise of the subscription rights attaching to the Options in accordance with the terms and conditions of the Scheme and the Listing Rules. The Company will make further announcement(s) on such adjustment(s) as and when appropriate.
CHANGE IN BOARD LOT SIZE
Upon the Share Consolidation becoming effective, the Change in Board Lot Size will also become effective. The board lot size of the Shares for trading on the Stock Exchange will be changed from 500 Existing Shares to 1,000 Consolidated Shares with effect from Wednesday, February 26, 2020 (Hong Kong time).
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman
Hong Kong, February 24, 2020
Calgary, February 24, 2020
As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Ms. Linna Liu and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Mr. Alfa Li and Mr. Guangzhong Xing as independent non-executive directors.
ABOUT SUNSHINE OILSANDS LTD.
The Company is a Calgary based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Company is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Company owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Company 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
Website: www.sunshineoilsands.com
