Sunshine Oilsands Ltd. Announces Partial Closing Of The Private Placement Of HK$142.8 Million Of Common Shares And Warrants To Pyramid Valley Limited Under The General Mandate

Each Unit is comprised of one Class "A" Common Voting Share of the Corporation (the "Common Share") and one-third of one purchase warrant of the Corporation (the "Warrant"). Each whole Warrant entitles the holder to acquire one Common Share at an exercise price of HK$1.88 per Common Share (the "Warrant Exercise Price") (approximately CDN$0.26 per Common Share) for a period of 24 months following the closing date of the relevant placing. The Warrant Exercise Price will be subject to normal adjustment provisions in the case of share capital or corporate reorganizations such as share consolidations and share splits, which will accordingly adjust the Warrant Exercise Price by the impact of such consolidation or split on the total issued share capital of the Corporation such that the relevant holder of the Warrant will be kept whole and will receive their proportionate share upon exercise of the Warrant.

Upon the Partial Closing, the Corporation has received total gross proceeds of HK$77,611,729 (equivalent to US$10,000,000) for the issuance of 45,653,958 Common Shares (the "Issued Shares") and 15,217,986 Warrants to Pyramid Valley. As announced by the Corporation in the Announcements, the Corporation will issue 18,261,583 Warrants to Million View Limited as a finders' fee in connection with the Third Placing.

The Issued Shares represent (i) approximately 1.43% of the existing issued Common Shares and (ii) immediately following the Partial Closing, approximately 1.41% of the enlarged total issued Common Shares.

An announcement will be issued when the Corporation completes the final closing of the Third Placing.