Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
March 5, 2020
COMPLETION OF ISSUING NEW SHARES UNDER GENERAL MANDATE FOR SETTLEMENT OF TRADE CREDITOR
Hong Kong (March 5, 2020) and (March 5, 2020) – 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 March 5, 2020. An aggregate of 1,443,000 Relevant Shares were allotted and issued to the Trade Creditor at an Issue Price of HK$1.31 per Relevant Share pursuant to the terms and conditions of the Settlement Agreement.
Reference was made to the announcement of the Corporation dated February 27, 2020 (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 Partial 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 March 5, 2020. A total of 1,443,000 Relevant Shares have been successfully issued to the Trade Creditor at an Issue Price of HK$1.31 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$323,670.19 (approximately HK$1,890,330) would be totally used for full and final settlement of the Partial Trade Payable.
EFFECT ON SHAREHOLDING STRUCTURE
The aggregate 1,443,000 Relevant Shares represent (i) approximately 1.13% of the issued share capital of the Corporation immediately before Completion of the Issuance and (ii) approximately 1.11% of the issued share capital of the Corporation as enlarged by the allotment and Issuance of all the Relevant Shares.
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