Announcements

• The above figures are rounded up to two decimal places to the nearest integer.

As at the date of the General Meeting, the total number of shares in issue of the Company was 129,554,630 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. 

RESOLUTION IN RELATION TO THE AUDITORS

As indicated above, the for resolution for appointing auditors for the ensuing year was not passed through at the General Meeting. Under the Business Corporations Act (Alberta), if an auditor is not appointed at a meeting of shareholders, the incumbent auditor continues to hold office until the auditor’s successor is appointed.  Hence, ZHONGHUI ANDA CPA Limited will hold the office until the Company engages new auditors. The Company will look for new and suitable auditors as soon as possible. Further announcement will be made as and when applicable and necessary.

By Order of the Board of Sunshine Oilsands Ltd.

Kwok Ping Sun
Executive Chairman

Hong Kong, June 22, 2020

Calgary, June 22, 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

Email: [email protected]

Website: www.sunshineoilsands.com

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, the plans and expectations of the Company.  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 Company’s experience, current beliefs, assumptions, information and perception of historical trends available to the Company, 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 Company 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 Company’s actual results may differ materially from those expressed or implied.  The Company 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 Company’s material risk factors, see the Company’s annual information form for the year ended December 31, 2019 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 www.hkexnews.hk, on the SEDAR website at www.sedar.com or on the Company’s website at www.sunshineoilsands.com