Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
September 28, 2021


Hong Kong (September 29, 2021) and Calgary, Alberta (September 28, 2021) - The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) wishes to announce the following:-


Reference is made to the announcements of the Corporation dated August 5, 2014, August 8, 2014 and February 5, 2016 (all Hong Kong time) in relation to, among other things, the offering of USD200 million principal amount of senior secured notes (the “Notes”).  Reference is also made to the announcements of the Corporation dated August 1, 2016, August 12, 2016, August 17, 2016, August 29, 2016, September 1, 2016, September 12, 2016, October 31, 2016, January 31, 2017, March 21, 2017, July 28, 2017, September 27, 2017, August 2, 2018, November 1, 2018, April 24, 2020, February 8, 2021 and August 8, 2021 (all Hong Kong time) in relation to, among other things, the forbearance agreements the Corporation has entered into with the holders of the Notes (the “Noteholders”). Unless defined otherwise, terms used herein shall have the same meanings as those defined in the aforesaid announcements of the Corporation.
The Board is pleased to announce that on September 28, 2021 (Calgary time), the Corporation and the Forbearing Holder entered into an interest waiver agreement (the “Interest Waiver Agreement”) pursuant to which the Forbearing Holder agree to unconditionally and irrevocably waive the interest accrued between January 1, 2021 to December 31, 2021 at 10.0% per annum on the outstanding amounts (principal and interests) under the Forbearance Reinstatement and Amending Agreement (“FRAA”) dated August 8, 2021 (the “Waiver of Interest”) which amounted to US$31,529,139.
Save as the Waiver of Interest, all other terms and conditions as stipulated in the FRAA remain unchanged.

The Board believes the entering into of the Interest Waiver Agreement is in the interests of the Corporation and its shareholders as a whole given that the Interest Waiver Agreement will substantially reduce the liability and lower the gearing ratio 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]