HONG KONG, Nov. 8, 2012 /CNW/ - Sunshine Oilsands Ltd. ("Sunshine") (Stock Code: 2012.HK) is pleased to announce that it has obtained conditional approval to list its Class "A" Common Voting Shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX") under the symbol "SUO". The Common Shares are expected to commence trading on the TSX after the TSX's conditions for listing are satisfied and the TSX issues its final exchange bulletin and its approval of the listing of the Common Shares.
Sunshine will issue an announcement once the TSX confirms satisfaction of its listing conditions and will then advise of the expected listing date. Sunshine will maintain its primary listing on The Stock Exchange of Hong Kong.
Mr. Songning Shen, Co-Chairman of Sunshine Oilsands, said, "The Company is planning for a secondary listing in Toronto, which will not raise additional funds as it is a listing by introduction. A dual listing on Hong Kong and Canada has always been part of the Company's business development plans, and the management remains committed to its strategic development in Asia and China."
"Sunshine Oilsands has focused on the development of its oil sands business in Canada since 2007. A secondary listing in Canada will help expand the Company's investor base and boost the liquidity of its shares. In addition to strong support from its cornerstone investors in Asia, such as Sinopec, CIC, Bank of China Group Investment, China Life and Orient Group, the Company has a strong financial position which is sufficient to meet its future development needs," said Mr. Shen.
About Sunshine Oilsands Ltd.
Sunshine Oilsands Ltd. is one of the largest non-partnered holders of oil sands leases by area in the Athabasca oil sands region, which is located in the province of Alberta, Canada. Since the Company's incorporation on 22 February 2007, Sunshine has secured over 464,897 hectares (1,148,785 acres) of oil sands leases (equal to approximately 7% of all granted leases in this area).
The Company's principal operations are the exploration, development and production of its diverse portfolio of oil sands leases. Its principal operating regions in the Athabasca area are at West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases are grouped into three main asset categories: clastics, carbonates and conventional heavy oil.
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SOURCE: Sunshine Oilsands Ltd.
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