Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
October 16, 2025
UPDATE ON THE WINDING-UP PETITION
This announcement is made by the board of directors (the “Board”) of Sunshine Oilsands Limited (the “Company”) pursuant to Rule 13.25 (1)(b) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).
Reference is made to the announcement dated August 20, 2025 (Hong Kong time) / August 20, 2025 (Calgary time) (the “Announcement”) issued by the Company, in relation to, among others, the winding up petition received by the Company.
Unless otherwise specified, capitalized terms used herein shall have the same meanings as those defined in the Announcement.
The Board wishes to supplement that the Company received the Petition on 20 August 2025 and therefore issued the Announcement on the same day. The Petitioner is a registered Money Lender in Hong Kong under the Money Lenders Ordinance (Cap. 163) license number 0964 / 2025. The Petitioner was an investor of bond issued by the Company. As at the date of this announcement, the amount owed to the Petitioner has been fully settled (excluding the legal costs).
The Company also received a Notice of Intention to Appear on Petition on 5 November 2025, from * Lin Zhi Cheng (“Lin”), as a supporting petitioner in connection with a financial obligation of the Company in the amount of HK$1,223,021,.92. Lin is a third-party individual investor of the Company’s bond. The amount owed to Lin was fully settled (excluding the legal costs) on the date of this announcement.
The Petitioner shall process to withdraw the Petition as soon as possible.
The Board of Directors believe that the above creditors will not have material adverse impact on the Company’s financial performance and financial position as the respective financial information in relation to the bond invested by the Petitioners was recorded in the financial statements of the Company; and the amounts owed to the above creditors have already been fully settled (excluding the legal costs).
The Company will make further announcement(s) to inform the shareholders of any significant development regarding the Petition as and when appropriate.
Shareholders and other investors of the Company are advised to exercise caution when dealing in the securities of the Company and are recommended to consult their professional advisers if they are in any doubt about their position and actions that they should take.
*For identification purposes only