CALGARY, Alberta and HONG KONG, Aug. 26, 2015 /CNW/ -- Sunshine Oilsands Ltd. (the "Company" or "Sunshine") (HKEX: 2012, TSX: SUO) wishes to announce that Mr. Sun Kwok Ping (the "Securityholder") has filed an early warning report dated August 26, 2015 advising of the purchase of 159,252,500 common shares of the Company at an average price of HK$0.73 per share (approximately CDN$0.125 per share) representing approximately 3.97% of the outstanding common shares of the Company.
Of the 159,252,500 shares acquired, 103,380,000 shares were acquired pursuant to a private placement subscription agreement with the Company at a price of HK$0.75 per share (approximately CDN$0.13 per share). The remaining 55,872,500 shares were acquired on the Hong Kong Stock Exchange at an average price of approximately HK$0.67 per share (approximately CDN$0.11 per share).
The Securityholder has filed the report as a result of the increase in his and any joint actor's holdings from 548,407,000 (14.06%) common shares and now holds 707,659,500 (17.63%) common shares of the 4,014,254,159 issued and outstanding common shares of the Company.
In addition, the Securityholder has deemed beneficial ownership of a further 413,520,000 shares pursuant to the private placement subscription agreement which brings the Securityholder's deemed total level of ownership and control to 1,121,179,500 shares which will represent approximately 25.32% of the then 4,427,774,159 issued and outstanding shares of the issuer when such additional shares are acquired.
The Securityholder and any joint actor holds the common shares of the Company for investment purpose and may from time to time acquire additional common shares of the Company either on open market or through private placements or sell common shares of the Company either on the open market or through private placements. This news release is being issued under the early warning provision of the Canadian provincial securities legislation.
SOURCE Sunshine Oilsands Ltd.
For further information: Mr. Leon Zhou at +86-21-6652 0666