Reference is made to (i) the announcement and the circular of Sunshine Oilsands Ltd. (the 'Company') 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; (ii) the Company's announcement dated February 8, 2021 (Hong Kong time) and the circular dated March 1, 2021, in relation to, among others, the interest waiver agreement entered into between the Forbearing Noteholders and the Company and (iii) the notice of the special general meeting of the Company dated February 3, 2021 and an announcement dated February 24, 2021 in relation to, among others, the postponement of the SGM.

Unless the context requires otherwise, terms used herein shall have the same meanings as those defined in the Original Circular and the Supplemental Circular.

The board of directors of the Company (the 'Board') is pleased to announce that the resolutions set out in the Notice were duly passed by the Independent Shareholders by way of poll at the SGM held on March 5, 2021 (Hong Kong time) / March 4, 2021 (Calgary time). Computershare Hong Kong Investor Services Limited, the Hong Kong share registrar of the Company, was appointed as the scrutineer for the vote-taking at the Meeting.

As at March 5, 2021 (Hong Kong time) / March 4, 2021 (Calgary time), the total number of issued Shares of the Company was 129,554,630 Shares. As at the date hereof, the Subscriber and the parties acting in concert with it (including Mr. Kwok Ping Sun and his wholly-owned company, Tai Feng Investments Limited, Ms. Gloria Ho, Mr. Michael J Hibberd and Ms. Xijuan Jiang), altogether, are interested in an aggregate of 38,579,335 Shares, representing approximately 29.78% of the issued share capital of the Company as at the date hereof. The total number of Shares entitling the Independent Shareholders to attend and vote on the resolutions at the SGM was 90,975,295 Shares, representing approximately 70.22% of the issued share capital of the Company.

The Subscriber, its associates and the Concert Group and those who are involved or interested in the Whitewash Waiver and/or the Conversion are required to abstain from voting at the SGM and they have abstained from voting on the relevant resolutions at the SGM. Save as disclosed herein, there were no Shares entitling the Shareholders to attend and abstain from voting in favour of the resolutions at the SGM and no other Shareholders was required to abstain from voting at the SGM under the Listing Rules, and no parties have stated their intention in the Circular to vote against or abstain from voting on the resolutions at the SGM.

Contact:

Tel: 1 (403) 984-1450

Fax: 1 (403) 455-7674

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