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Announcements

Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
January 20, 2021

FURTHER DELAY IN DESPATCH OF CIRCULAR REGARDING PROPOSED CONVERSION OF CONVERTIBLE BONDS BY CONNECTED PERSON AND APPLICATION FOR WHITEWASH WAIVER

Hong Kong (January 20, 2021) and Calgary, Alberta (January 20, 2021) - The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to announce the following:
 
FURTHER DELAY IN DESPATCH OF CIRCULAR
Reference is made to the announcement dated October 16, 2020 (Hong Kong time) (the “Announcement”) in relation to, among other things, the Proposed Conversion of Convertible Bonds and the Whitewash Waiver; and the Corporation’s announcements dated November 6, 2020 (Hong Kong time), November 24, 2020 (Hong Kong time), December 14, 2020 (Hong Kong time) and December 30, 2020 (Hong Kong time) about delay in dispatch of the circular (collectively, the “Delay Announcements”). Capitalized items used herein shall have the same meanings as those defined in the Announcement unless defined otherwise.
 
As stated in the Delay Announcements, pursuant to Rule 8.2 of the Takeovers Code, a circular (the “Circular”) containing among others, (i) full details of the Subscription, the Conversion and the Whitewash Waiver; (ii) a letter of recommendations from the Independent Board Committee to the Independent Shareholders in respect of the Conversion and the Whitewash Waiver; (iii) a letter of advice from the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders in respect of the Whitewash Waiver and the Conversion; and (iv) a notice convening the SGM, was expected to be dispatched to the Shareholders on or before January 20, 2021 (Hong Kong time).
 
As additional time is required for preparing and finalizing the contents of the Circular, which includes, among others, the letter of advice from the Independent Financial Adviser; and in order to accommodate the applicable rules and regulations that governs the Corporation, namely the Business Corporations Act (Alberta) and the Hong Kong Listing Rules on which the determination of record dates and the day-count restriction between the record date and the special general meeting date based on, an application has been made to the Executive pursuant to Rule 8.2 of the Takeovers Code for its consent to extend the deadline for the dispatch of the Circular to the Shareholders. The Executive has indicated that it is minded to grant the consent for extension of time for the dispatch of the Circular to on or before February 3, 2021 (Hong Kong time).
 
Shareholders and potential investors of the Corporation should note that the Whitewash Waiver is a possibility only and may not be granted by the Executive.
The Conversion is subject to the passing of resolutions to be proposed at the forthcoming special general meeting and the granting of Whitewash Waiver by the Executive of SFC. As the Conversion may or may not proceed, Shareholders and potential investors of the Corporation are advised to exercise caution when dealing in the Shares and other securities of the Corporation.
 
  
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 and heavy oil leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation focus on the West Ells project area. West Ells Phase 1 has a designed production capacity 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