Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
September 9, 2024
Memorandum of Understanding for potential acquisition of equity interest in a wholly-owned subsidiary of Nobao Energy Holding (China) Company Limited
Reference is made to the announcement of Sunshine Oilsands Ltd. (the “Company”) (HKEX: 2012) dated June 3, 2024 (Hong Kong time) (the “Announcement”) in relation to, among others, the MOU for potential acquisition of equity interest in a wholly-owned subsidiary of Nobao Energy Holding (China) Company Limited (“Nobao Energy China”) entered into by the Company.
Unless defined otherwise, capitalized terms used herein shall have the same meanings as those defined in the Announcement.
Upon entering into the MOU, the Company is proactively carrying out due diligence and valuation work of the Target Company. After the relevant work is completed, the Company will further negotiate the transaction terms and details of the Potential Acquisition with Nobao Energy China. Given the anticipated benefits of the Potential Acquisition (for details, please refer to the Announcement), the Company is committed to expedite the above-mentioned work and will provide further updates on the latest development of the Potential Acquisition as and when appropriate.
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman
Hong Kong, September 9, 2024
Calgary, September 8, 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.
*For identification purposes only