CALGARY - Reference is made to (i) the announcement and the circular issued by Sunshine Oilsands Ltd ('Sunshine' or the 'Corporation') dated April 1, 2020 (Hong Kong time) and April 24, 2020 (Hong Kong time) respectively in relation to, among others, the Subscription of CB by the Subscriber; (ii) the poll results announcement dated May 25, 2020 (Hong Kong time) in relation to the poll results of the special general meeting held by the Corporation on May 25, 2020 (Hong Kong time); (iii) the announcement and the circular dated October 16, 2020 (Hong Kong time) and February 3, 2021 (Hong Kong time) (the 'Original Circular') respectively relating to, among others, the Proposed Conversion of CB in full by the Subscriber and the application for Whitewash Waiver and (iv) the announcement dated February 8, 2021 (Hong Kong time) (the 'Interest Waiver Announcement') in relation to the interest waiver agreement entered into between the Forbearing Noteholders and the Corporation.
Unless defined otherwise, terms used herein shall have the same meanings as those defined in the Original Circular and the Interest Waiver Announcement.
A supplementary circular (the 'Supplementary Circular') aims at providing information on (i) advice of the Independent Financial Adviser in relation to the Whitewash Waiver subsequent to the Waiver of Interest; (ii) validity of previously published profit forecast under Rule 10 of the Takeovers Code; (iii) other information as required under the Listing Rules and the Takeovers Code and (iv) the postponement of SGM and proxy arrangement, subsequent to the Waiver of Interest, has been dispatched to Shareholders on March 1, 2021 (Hong Kong time).
The SGM originally scheduled to be held on Friday, February 26, 2021 at 10:00 a.m. (Hong Kong Time) / Thursday, February 25, 2021 at 7:00 p.m. (Calgary Time) for the purposes of considering and approving the Proposed Conversion and the Whitewash Waiver has been postponed to Friday, March 5, 2021 at 10:00 a.m. (Hong Kong time) / Thursday, March 4, 2021 at 7:00 p.m. (Calgary time). The venue remains unchanged.
The Supplementary Circular is supplemental to and should be read in conjunction with the Original Circular. Shareholders are advised to review the Supplementary Circular carefully and in particular (i) the Supplementary Letter from Independent Board Committee and (ii) the Supplementary Letter from Donvex Capital, as contained in the Supplementary Circular before making any decision on whether or not to vote in favor of or against the resolutions in relation to the Conversion and the Whitewash Waiver.
Shareholders and potential investors of the Corporation should note that the Whitewash Waiver is a possibility only and may not be granted by the Executive.
The Conversion is subject to the passing of resolutions mentioned above and the granting of Whitewash Waiver by the Executive of SFC. As the Conversion may or may not proceed, Shareholders and potential investors of the Corporation are advised to exercise caution when dealing in the Shares and other securities of the Corporation. Persons who are in doubt as to the action to be taken should consult their stockbroker, bank manager or other professional advisers.
About Sunshine Oilsands Ltd.
The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands and heavy oil leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation focus on the West Ells project area. West Ells Phase 1 has a designed production capacity of 5,000 barrels per day.
Contact:
Mr. Kwok Ping Sun
Tel: (852) 3188 9298
Email: investorrelations@sunshineoilsands.com
Web: www.sunshineoilsands.com
SUNSHINE OILSANDS LTD. 
