Announcements

The Board of Directors of Sunshine Oilsands Ltd. wishes to clarify and supplement the announcement dated August 24, 2017 (Hong Kong time) in relation to the lapse of Subscription Agreement:

The Board is pleased to announce that on August 24, 2017 (Hong Kong time), the Shareholders’ Loan Agreement was entered into between Prime Union as lender and the Company as borrower, pursuant to which the lender agreed to provide a term loan to the Company in the aggregate amount of HK$14,058,885.

The Board of Directors of Sunshine Oilsands Ltd. wishes to announce the following:

The Corporation was informed by Mr. Michael John Hibberd, the non-executive director and vice chairman of the board of directors of the Corporation, that on August 18, 2017, Mr. Hibberd acquired a total of 200,000 shares of the Corporation through on-market purchase for an aggregate consideration of HK$50,000.

Sunshine Oilsands Ltd. today announced its financial results for the second quarter ended June 30, 2017.

Reference is made to the notice of the special general meeting of shareholders of Sunshine Oilsands Ltd. dated July 7, 2017.

The board of directors of Sunshine Oilsands Ltd. announces that a meeting of the Board will be held on or about 8:00 p.m. Calgary time on Sunday, August 13, 2017 (on or about 10:00 a.m. Hong Kong time on Monday, August 14, 2017) for the purposes of, amongst other matters, approving the interim results and report of the Company and its subsidiaries for the three months and six months ended June 30, 2017 and their publications.

The Board of Directors of Sunshine Oilsands Ltd. hereby announces the following:

Reference was made to the announcement issued by Sunshine Oilsands Ltd. dated June 5, 2017 in relation to, among other matters, the Subscription Agreement entered into between the Corporation and the Subscriber on June 5, 2017 pursuant to which the Subscriber has conditionally agreed to subscribe, and the Corporation has conditionally agreed to allot and issue, an aggregate of 455,074,788 Subscription Shares at the Subscription Price of HK$0.234 (approximately CDN$0.041) per Subscription Share for an aggregate cash consideration of HK$106,487,500.4.

The board of directors of Sunshine Oilsands Ltd. announces that share options to acquire Class “A” common shares in the capital of the Corporation were granted by the Corporation, to certain employees of the Corporation, under its share option scheme adopted on January 26, 2012, as amended on May 7, 2013 and June 13, 2013, subject to acceptance by the Grantees.

The Board of Directors of the Corporation is pleased to announce that all the resolutions, as set out in the Notices subject to the next following paragraph, were duly passed by the shareholders of the Corporation by way of poll at the Meetings held on June 27, 2017 (Hong Kong time) and June 26, 2017 (Calgary time).

The board of directors of the Corporation hereby announces that it has approved to convene a special meeting of the shareholders of the Corporation on Wednesday, July 26, 2017 (Hong Kong time) to consider and approve, among other things, the Private Placement.