Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
April 16, 2024
INSIDE INFORMATION
This announcement is made by Sunshine Oilsands Ltd. (the “Corporation”) pursuant to the provisions of Part XIVA of the Securities and Futures Ordinance and Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
The Board is pleased to announce that on April 11, 2024, the Corporation and the Forbearing Holder entered into an interest waiver agreement (the “Interest Waiver Agreement”) pursuant to which the Forbearing Holder agrees to unconditionally and irrevocably waive the interest accrued between January 1, 2024 and December 31, 2024 (the “Waiver of Interest”). Based on the Forbearance Reinstatement and Amending Agreement (“FRAA”) dated August 8, 2023, the waived interest calculated at 10.0% per annum on the outstanding amounts (principal and interests) amounted to US$31,529,139 (approximately HKD 247,052,874).
Save as the Waiver of Interest, all other terms and conditions as stipulated in the FRAA remain unchanged.
The Board believes the entering into of the Interest Waiver Agreement is in the interests of the Corporation and its shareholders as a whole given that the Interest Waiver Agreement will substantially reduce the liability and lower the gearing ratio of the Corporation.
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman
Hong Kong, April 11, 2024
Calgary, April 11, 2024
As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Ms. Linna Liu and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Ms. Jue Pang and Mr. Guangzhong Xing as independent non-executive directors.
Note: The HK$ amount was converted using the exchange rate of $1 USD = $7.8357 HKD as at April 11, 2024.
*For identification purposes only