Sunshine Oilsands to issue shares for HK$60.2m debt settlement

Sunshine Oilsands Ltd. entered into settlement agreements on October 22, 2025, to issue 140,000,000 relevant shares at HK$0.43 per share to creditors, settling an aggregate debt payable balance of HK$60,200,000. The issue price is at par with the closing price on October 22, 2025, and represents a 3.80% discount over the average closing price for the five trading days ending October 21, 2025.

The 140,000,000 relevant shares represent approximately 24.50% of the company's current issued share capital of 571,354,444 shares and approximately 19.68% of the enlarged issued share capital. This issuance aims to reduce the company's indebtedness without significant cash outflow. The relevant shares will rank pari passu with existing shares and will be allotted under a specific mandate, subject to shareholder approval at a special general meeting (SGM).

The completion of the issuance is contingent upon shareholder approval at the SGM, the Stock Exchange granting listing permission, and obtaining all necessary regulatory approvals. A circular with further details is expected to be dispatched by November 13, 2025. Shareholders and potential investors are advised to exercise caution as the issuance may or may not proceed.