Sunshine Oilsands (HKEX:2012) has announced the partial closing of a private placement under specific mandate.

As quoted in the press release:

Reference is made to the announcements of the Corporation dated June 1, 2015 (Hong Kong), July 28, 2015 (Hong Kong), August 21, 2015 (Hong Kong), October 1, 2015 (Hong Kong), November 2, 2015 (Hong Kong), December 6, 2015 (Hong Kong), March 3, 2016 (Hong Kong) and May 3, 2016 (Hong Kong) (collectively, the “Announcements“) and the circular of the Corporation dated June 22, 2015 (the “Circular“), in relation to, among other matters, the proposed issue of new Class “A” Common Voting Shares (“Common Shares“) under the Specific Mandate and the connected transactions involving subscriptions for new Common Shares by connected persons. Unless the context requires otherwise, terms use herein shall have the same meanings as those defined in the Announcements and the Circular.

Sunshine is pleased to announce today that it has completed the closing of 13,333,333 Common Shares (the “Partial Closing“) under the Specific Mandate at a price of HK $0.75 per Common Share (approximately CDN $0.126 per Common Share at current exchange rates). Upon the Partial Closing, the Corporation has received total gross proceeds of HK $10,000,000 (approximately CDN $1.68 million at current exchange rates) for the allotment and issue of 13,333,333 Common Shares (the “Issued Shares“). Placement expenses are estimated to be approximately HK $100,000 (approximately CDN $16,832).

Click here to read the full press release.

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