Sunshine Oilsands Ltd. Announces Partial Closing Of The Private Placement Of HK$142.8 Million Of Common Shares And Warrants To

 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  CALGARY, Alberta and HONG KONG, Feb. 28, 2014 /CNW/ - Sunshine Oilsands Ltd.  (the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to announce today that  it has completed the closing of 45,653,958 Units (the "Partial Closing") of  its private placement of 84,000,000 Units of the Corporation to Pyramid Valley  Limited ("Pyramid Valley") at a price of HK$1.70 per Unit (approximately  CDN$0.24 per Unit) (the "Third Placing").  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.  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 and petroleum and natural gas  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  oil.  Website:  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; Mr.  David Sealock, Interim President & CEO, (1) 403 984 1446;  To view this news release in HTML formatting, please use the following URL:  CO: Sunshine Oilsands Ltd. NI: UTI OIL LOAN MNA  
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