Announcement of results for the second quarter ended June 30, 2017
CALGARY/HONG KONG – Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) today announced its financial results for the second quarter ended June 30, 2017. The Corporation’s condensed consolidated interim financial statements, notes to the condensed consolidated interim financial statements and management’s discussion and analysis have been filed on SEDAR (www.sedar.com) and with The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) (www.hkexnews.hk) and are available on the Corporation’s website (www.sunshineoilsands.com). All figures used in this release are in Canadian dollars unless otherwise stated.
MESSAGE TO SHAREHOLDERS
On March 1, 2017, the Corporation achieved a key milestone. The Project commenced commercial production. Hence, effective March 1, 2017, the Corporation started recording revenue, expenses and depletion of the West Ells Project.
Sunshine’s Capital Raising Activities
On April 5, 2017 the Corporation entered into a subscription agreement for a total of 140,874,000 class “A” common shares at a price of HKD $0.241 per share (approximately CAD $0.041 per common share), for gross proceeds of HKD $33.95 million (approximately CAD $5.8 million). On April 13, 2017 the Corporation completed the closing of this subscription agreement.
On May 31, 2017 the Corporation entered into a subscription agreement for a total of 67,511,000 class “A” common shares at a price of HKD $0.237 per share (approximately CAD $0.041 per common share), for gross proceeds of HKD $15.88 million (approximately CAD $2.74 million). On June 7, 2017 the Corporation completed the closing of this subscription agreement. In addition, a placing commission of HKD $122,314 (approximately CAD $0.02 million), was incurred in relation to the Closing.
Summary of Financial Figures
2Q17 net loss narrowed to CAD$19.5 million
For the second quarter of the 2017, the Corporation’s net loss narrowed to CAD $19.5 million from CAD $21.2 million for 2017 Q1 and from CAD $20.7 million for 2016 Q2, representing a net loss per share of CAD $0.004, CAD $0.004, and CAD $0.005 for the 2017 Q2 period, 2017 Q1 period and 2016 Q2 period respectively.
The Corporation’s external auditor has not performed a review of the condensed consolidated interim financial statements for the three and six months ended June 30, 2017. As at June 30, 2017 and December 31, 2016, the Corporation notes the following selected balance sheet figures.