Completion of Issuing New Shares Under General Mandate for Settlement of Trade Creditor

Source Press Release
Company Sunshine Oilsands Ltd. 
Tags Strategy - Corporate
Date December 28, 2018

The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) is pleased to announce the following:

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and the Completion took place on December 28, 2018. An aggregate of 5,854,500 Relevant Shares were allotted and issued to the Trade Creditor at an Issue Price of HK$0.133 per Relevant Share pursuant to the terms and conditions of the Settlement Agreement.

Reference was made to the announcement of the Corporation dated December 20, 2018 (Hong Kong time) (the “Announcement”) in relation to, among others, the issuing of new Shares under the General Mandate for full and final settlement of the Partial Trade Payable. Unless otherwise specified, terms used herein shall have the same meanings as those defined in the Announcement.

COMPLETION OF ISSUING NEW SHARES UNDER GENERAL MANDATE

The Board is pleased to announce that all conditions of the Settlement Agreement have been fulfilled and Completion took place on December 28, 2018. A total of 5,854,500 Relevant Shares have been successfully issued to the Trade Creditor at an Issue Price of HK$0.133 per Relevant Share pursuant to the terms and conditions of the Settlement Agreement.

To the best of the Director's knowledge, information and belief, having made all reasonable enquiries, the Trade Creditor and its ultimate beneficial owners are Independent Third Parties not connected with the Connected Persons (as defined under the Listing Rules) of the Corporation. The aggregate net proceeds from the Issuance, after deducting all relevant expenses incurred thereto, amount to HK$778,648.5 (approximately CDN$135,640.57 at the current exchange rate) which will be totally used as full and final settlement of the Partial Trade Payable.

EFFECT ON SHAREHOLDING STRUCTURE

The aggregate 5,854,500 Relevant Shares represent (i) approximately 0.10% of the issued share capital of the Corporation immediately before Completion of the Issuance and (ii) approximately 0.10% of the issued share capital of the Corporation as enlarged by the allotment and Issuance of all the Relevant Shares.

Set out below is the shareholding structure of the Corporation immediately before and after Completion of Issuance all Relevant Shares:

Immediately before Completion of the Issuance  Immediately after Completion of the Issuance 
Name of Shareholders  Number of Shares    Approx. % of Shares      Number of Shares    Approx. % of Shares 
Kwok Ping Sun  1,687,377,000    27.53%      1,687,377,000    27.50% 
Trade Creditor        5,854,500    0.10% 
Other public shareholders (excluding the Trade Creditor)  4,442,615,124    72.47%      4,442,615,124    72.40% 
                 
Total  6,129,992,124    100.00%      6,135,846,624    100.00% 

For further enquiries,please contact:

Mr. Kwok Ping Sun

Executive Chairman

Tel: (852) 3188 9298 

Email: investorrelations@sunshineoilsands.com

Website: 

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