Sunshine Oilsands Ltd. Announces First Closing of Private Placement Financing of HK $336 Million of Common Shares and Warrants

Sunshine Oilsands Ltd. Announces First Closing of Private Placement Financing 
of HK $336 Million of Common Shares and Warrants under the General Mandate and 
Senior Management Changes 
CALGARY, Alberta and HONG KONG, Dec. 10, 2013 /CNW/ - 
First Closing of Private Placement 
Sunshine Oilsands Ltd. ("Sunshine" or the "Corporation") (HKEX: 2012, TSX: 
SUO) is pleased to announce that it has completed the first closing of its 
private placement of units of the Corporation ("Units") at a price of HK $1.70 
per Unit (approximately CDN $0.23 per Unit) (the "Subscription Price"), which 
was announced by the Corporation on December 3, 2013. 
Each Unit is comprised of one Class "A" Common Voting Share of the Corporation 
("Common Share") and one-third of one purchase warrant of the Corporation 
("Warrant"). Each whole Warrant entitles the holder to acquire one Common 
Share at an exercise price of HK $1.88 per Common Share (approximately CDN 
$0.26 per Common Share) for a period of 24 months following the closing date 
of the Placing. The Warrant Exercise Price is subject to normal adjustment 
provisions in the case share capital or corporate reorganizations. 
In the first closing, the Corporation closed on all subscriptions (with the 
exception of the Global Petroleum Services Limited subscription) resulting in 
the issuance of 106,800,000 Common Shares (the "Issued Shares") and 35,600,000 
Warrants for total gross of HK $181,560,000 (approximately CDN $24.9 million). 
After payment of the 3% cash fee payable to the first finder in connection 
with the closed subscriptions, the net proceeds to the Corporation will be HK 
$176,113,200 (approximately CDN $24.2 million). 
The Issued Shares represent approximately 3.7% of the existing issued Common 
Shares and, immediately following the first closing, approximately 3.6% of the 
then enlarged total issued Common Shares of the Company. 
A press release will be issued when the Corporation completes the final 
closing of the private placement. 
Senior Management Changes 
The Board of Directors has accepted the resignations of John Zahary, President 
and Chief Executive Officer and of Robert Pearce, Chief Financial Officer. 
Interim President & CEO Appointment 
Sunshine's Co-Chairmen, Michael Hibberd and Songning Shen, are pleased to 
announce that David Owen Sealock, has assumed the position of interim 
President and Chief Executive Officer. "This appointment was supported 
unanimously by the Board of Directors based on the leadership, enthusiasm and 
initiative shown by Mr. Sealock in moving forward Sunshine's key strategic and 
corporate initiatives." 
Mr. Sealock has been an executive officer of Sunshine since June 2008, most 
recently holding the position of Executive Vice President, Corporate 
Operations. Mr. Sealock was educated in business, engineering and information 
technology. He has extensive experience in all aspects of development and 
execution of business strategies. He also has significant experience in 
operations and in Engineering, Procurement and Construction Management. He 
holds a bachelor degree in Business Management and is a Registered Engineering 
Rule 13.51 Disclosure: 
There are no disagreements with the Board of Directors relating to the 
resignations that need to be brought to the attention of the shareholders. 
The resignation of the President and Chief Executive Officer is effective as 
of the close of business in Calgary on December 9, 2013. The effective date of 
the appointment of the Interim President and Chief Executive Officer is 
December 10, 2013. The effective date of resignation of the Chief Financial 
Officer is December 13, 2013. 
In relation to Mr. David Owen Sealock, [53], he did not hold any directorships 
in any publicly traded companies during the last three years. Mr. Sealock is 
an executive director of Sunshine Oilsands (Hong Kong) Limited, the 
Corporation's wholly owned subsidiary. He currently holds 335,753 Common 
Shares, 2,400,000 Class G Shares and 4,900,000 options to acquire Common 
Shares of Sunshine, all of which are to be disclosed in his required public 
filings. He does not have any relationship with other Directors, senior 
management, substantial shareholders (as defined by the Rules Governing the 
Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing 
Rules")) or controlling shareholders (as defined by the Listing Rules) of the 
Company. Save as disclosed above, there are no other matters concerning Mr. 
Sealock that need to be brought to the attention of the shareholders of the 
Company, and there is no other information required to be disclosed pursuant 
to the requirements of Rule 13.51(2)(h) to (v) of the Listing Rules. 
About Sunshine Oilsands Ltd.: 
Sunshine Oilsands Ltd. is one of the largest holders of oil sands leases by 
area in the Athabasca oil sands region, which is located in the province of 
Alberta, Canada. Since Sunshine's incorporation on 22 February 2007, Sunshine 
has secured over one million acres of oil sands leases (equal to approximately 
7% of all granted leases in this area). 
Sunshine's principal operations are the evaluation, 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 
Forward-looking Information and Disclaimer: 
This announcement may contain forward-looking information that is subject to 
various risks, uncertainties and other factors. All statements other than 
statements and information of historical fact are forward-looking statements. 
The use of any words "estimate", "forecast", "expect", "project", "plan", 
"target", "vision", "goal", "outlook", "may", "will", "should", "believe", 
"intend", "anticipate", "potential", and similar expressions are intended to 
identify forward-looking statements. Forward-looking statements are based on 
Sunshine's experience, current beliefs, assumptions, information and 
perception of historical trends available to Sunshine, and are subject to a 
variety of risks and uncertainties including, but not limited to those 
associated with resource definition and expected reserves and contingent and 
prospective resources estimates, unanticipated costs and expenses, regulatory 
approval, fluctuating oil and gas prices, expected future production, the 
ability to access sufficient capital to finance future development and credit 
risks, changes in Alberta's regulatory framework, including changes to 
regulatory approval process and land-use designations, royalty, tax, 
environmental, greenhouse gas, carbon and other laws or regulations and the 
impact thereof and the costs associated with compliance. 
Although Sunshine believes that the expectations represented by such 
forward-looking statements are reasonable, there can be no assurance that such 
expectations will prove to be correct. Readers are cautioned that the 
assumptions and factors discussed in this information release are not 
exhaustive and readers are not to place undue reliance on forward-looking 
statements as our actual results may differ materially from those expressed or 
implied. Sunshine disclaims any intention or obligation to update or revise 
any forward-looking statements as a result of new information, future events 
or otherwise, subsequent to the date of this announcement, except as required 
under applicable securities legislation. The forward-looking statements speak 
only as of the date of this announcement and are expressly qualified by these 
cautionary statements. Readers are cautioned that the foregoing lists are not 
exhaustive and are made as at the date hereof. For a full discussion of our 
material risk factors, see "Risk Factors" in our most recent Annual 
Information Form, "Risk Management" in our current MD&A and risk factors 
described in other documents we file from time to time with securities 
regulatory authorities, all of which are available on the Hong Kong Stock 
Exchange at, on the SEDAR website at or our 
website at 
This document does not constitute and is not an offer to sell or a 
solicitation of an offer to buy common shares of Sunshine in the United States 
(including its territories and possessions, any State of the United States and 
the District of Columbia) or elsewhere.

SOURCE  Sunshine Oilsands Ltd. 
Sunshine Oilsands Ltd., Mr. Michael J. Hibberd, Co-Chairman & Director, (1) 
403 984 1440; Mr. Songning Shen, Co-Chairman & Director, (1) 403 475 8379; or 
Mr. David Sealock, Interim President & CEO, (1) 403 984 1446, 
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