Announcements

Reference is made to the announcement of Sunshine Oilsands Ltd. (the “Corporation”) dated December 3, 2013 (the “Announcement”) and subsequent announcements dated December 10, 2013, January 24, 2014 and February 7, 2014. Unless the context requires, terms used below shall have the same meanings as those defined in the Announcement.

Clarification of te Placing
The Board would like to clarify that the original subscription of 90,000,000 Units by Immediate Focus International Limited (“Immediate Focus”) pursuant to the Placing, as set out in the Announcement, was subsequently reduced to 45,000,000 Units. The original subscription agreement in respect of such 90,000,000 Units was replaced by a new subscription agreement for 45,000,000 Units, which was signed between the Corporation and Immediate Focus and dated December 10, 2013.

As a result of the reduction in the subscription amount by Immediate Focus, the remaining 45,000,000 Units were subscribed by Pyramid Valley Limited (“Pyramid Valley”) and Jin Quan Limited (“Jin Quan”) in equal shares (that is 22,500,000 Units each) pursuant to two subscription agreements dated December 10, 2013 and signed by the Corporation with Pyramid Valley and Jin Quan, respectively. Save for the number of Units subscribed by the subscribers, the terms of the three new subscription agreements (including the subscription price of HK$1.70 per Unit) signed with Immediate Focus, Pyramid Valley and Jin Quan, respectively, are the same as the original subscription agreement between the Corporation and Immediate Focus as set out in the Announcement. The entry into the three new subscription agreements did not result in the Corporation issuing any additional Units in excess of what was disclosed to be issued to Immediate Focus in the Announcement.

Completion of the three subscription agreements signed with Immediate Focus, Pyramid Valley and Jin Quan took place on December 10, 2013 and was part of the closing of the Placing as announced by the Corporation on December 10, 2013.

Subsequent Subscription of Units
Immediate Focus subsequently subscribed for an additional 45,000,000 Units in a second placing announced by the Corporation on January 16, 2014. Jin Quan subsequently subscribed for an additional 45,000,000 Units as part of the Placing as announced by the Corporation on January 24, 2014. Furthermore, Pyramid Valley subsequently subscribed for an additional 84,000,000 Units in a third placing by the Corporation announced on January 24, 2014.

As announced by the Corporation on December 3, 2013, January 16, 2014 and January 24, 2014, to the best of the Directors’ knowledge, information and belief, after having made all reasonable enquiries, Immediate Focus, Pyramid Valley and Jin Quan and, if applicable, their ultimate beneficial owner(s) are third parties independent of the Corporation and are not connected with the Corporation and the connected persons of the Corporation.

About Sunshine Oilsands Ltd.

Sunshine Oilsands Ltd. is one of the largest holders of oil sands leases by area in the Athabasca oil sands region, which is located in the province of Alberta, Canada. Since Sunshine's incorporation on 22 February 2007, Sunshine has secured over one million acres of oil sands leases (equal to approximately 7% of all granted leases in this area).

Sunshine's principal operations are the evaluation, development and production of its diverse portfolio of oil sands leases. Its principal operating regions in the Athabasca area are at West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases are grouped into three main asset categories: clastics, carbonates and conventional heavy oil.

All cash values are expressed in Canadian dollars, unless otherwise indicated.

For further enquiries, please contact:

Tel: (1) 403 984 1446
Email: [email protected]