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Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
June 6, 2017

Increase in shareholding in the company by Chairman and major shareholder

Hong Kong (June 6, 2017) and Calgary, Alberta (June 6, 2017) – The Board of Directors of Sunshine Oilsands Ltd. (“the Corporation” or “Sunshine”) (HKEX: 2012) hereby announces the following:

INCREASE IN SHAREHOLDING IN THE COMPANY BY CHAIRMAN AND MAJOR SHAREHOLDER

The Corporation was informed by its major shareholder, Mr. Sun Kwok Ping (“Mr. Sun”), the executive director and chairman of the board of directors (the “Board”) of the corporation, that on June 6, 2017, Mr. Sun acquired a total of 5,000,000 shares of the corporation through on-market purchases for an aggregate consideration of HK$1,450,000.

Mr. Sun is confident about the future prospects of Sunshine and the oil industry and believes that there will be continued growth and development of the corporation. Mr. Sun does not rule out the possibility of further increasing his shareholding in Sunshine as he feels appropriate in the future, subject to compliance with applicable legal and regulatory requirements. As a result of the acquisition, Mr. Sun holds 1,277,202,500 shares in the Company, representing approximately 23.26% of the issued share capital of the Company.

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 leases in the Athabasca oil sands region. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production rate of 5,000 barrels per day.

For further enquiries, please contact:

Mr. Hong Luo
Chief Executive Officer
Tel: (1) 403-984-1450
Email: [email protected]

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, the plans and expectations of the Corporation. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”, “goal”, “outlook”, “April”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the Corporation’s experience, current beliefs, assumptions, information and perception of historical trends available to the Corporation, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation’s actual results April differ materially from those expressed or implied. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this announcement and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of the Corporation’s material risk factors, see the Corporation’s annual information form for the year ended December 31, 2016 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or on the Corporation’s website at www.sunshineoilsands.com.