Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
January 3, 2024
INSIDE INFORMATION UPDATE ON LITIGATION
This announcement is made by the Board of Directors (the “Board”) of Sunshine Oilsands Limited (“Sunshine” or the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
With reference to the announcements of the Company dated January 31, 2023 and May 29, 2023, the Company received a judgment from the Court of the State of New York, New York County on January 31, 2023 that the Company shall pay the Non-forbearing Holder all the amounts due and owing on the Notes (including principal and interests) in an aggregate amount of US$15,481,013.33. The judgment was vacated on May 25, 2023.
On December 13, 2023, the Company received a judgment from the Court of the State of New York, New York County that the Company should pay the Non-forbearing Holder all the amounts due and owing on the Notes (including principal and interests) in an aggregate amount of US$19,694,218.17 (the “Judgment”). Details are set out in the Company’s announcement dated December 14, 2023 (the “Announcement”).
Unless defined otherwise, terms used herein shall have the same meaning as those defined in the Announcement.
The Board announced that on January 2, 2024 (New York time), the Company has lodged an appeal (the “Appeal”) against the Judgment.
The Company will publish further announcement when there is further update.
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman
Hong Kong, January 3, 2024
Calgary, January 3, 2024
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, Ms. Jue Pang and Mr. Guangzhong Xing as independent non-executive directors.