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Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
October 15, 2020

CLARIFICATION ANNOUNCEMENT DISCLOSEABLE TRANSACTION - ASSET DISPOSAL

Hong Kong (October 15, 2020) - The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to clarify and supplement the following information relating to the announcement issued by the Corporation on August 8, 2020 (Hong Kong time) and September 4, 2020 (Hong Kong time).
 
Reference is made to the Corporations’ announcement dated August 8, 2020 (Hong Kong time) and September 4, 2020 (Hong Kong time) (collectively, the “Announcements”) in relation to, among other matters, the assets disposal of the Corporation (the “Disposal”). Capitalized terms used herein shall have the same meaning as those defined in the Announcements, unless defined otherwise.
 
The Board wishes to clarify that the Purchaser is owned by (i) InstarAGF Asset Management Inc (“InstarAGF”) ; (ii) Pfm Capital Inc (“Pfm”) ; and (iii) Devonian Properties Inc (“Devonian Properties”), not owned by its key directors.
 
Mr. Gregory J Smith, Mr. Jamie M McVicar and Mr. Robert M Duguid are the key directors of the Purchaser, at the same time, each of Mr. Gregory J Smith, Mr. Jamie M McVicar and Mr. Robert M Duguid, is the director and manage InstarAGF, Devonian Properties and Pfm respectively. They are independent of, not connected with the Company or any connected persons of its Group.
 
InstarAGF and Pfm are large private equity funds in North America with more than 10,000 shareholders. Similarly, Devonian Properties is a privately owned local reputable real estate development company established 30 years ago with a large shareholder base. Given the huge shareholder base, it is impossible and impracticable to list out all the ultimate beneficial owners of the Purchaser in an announcement.
 
In order to keep the public fully informed about the details of the Disposal, and that the Disposal is fair and reasonable and is in the best interests of the Corporation and its Shareholders as a whole, the management has exhausted its effort on confirming that the Disposal is on normal commercial terms, and the Purchaser is not connected with the Corporation’s Directors, chief executives or substantial shareholders of Sunshine and their associates.
 
In fact, all Sunshine’s connected persons have confirmed that they do not have any relationship with the Purchaser, i.e. Steel Reef Infrastructure Corporation and its shareholders, namely, InstarAGF, PfM and Devonian Properties and their connected persons.
 
Whereas, the Purchaser has also confirmed that connected persons of the Purchaser have no relationship with Sunshine and its connected persons.
 
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