Sunshine Oilsands Announces Receipt of Equity Subscription Funds in Respect of Revised Placement and Second Placements Held on

 Sunshine Oilsands Announces Receipt of Equity Subscription Funds in Respect of  Revised Placement and Second Placements Held on Trust  CALGARY, Alberta and HONG KONG, June 8, 2014 /CNW/ -- Reference is made to the  announcements of the Corporation dated May 19, 2014 (the "First Announcement")  and June 2, 2014 (the "Second Announcement", and together with the First  Announcement, the "Announcements"). Unless the context otherwise require,  terms used in this announcement shall have the same meanings as those defined  in the Announcements.  Sunshine Oilsands Ltd. ("Sunshine" or the "Corporation") (HKEX: 2012, TSX:  SUO) announces that, further to its Second Announcement in respect of the  Revised Placement and the Second Placements (as defined in the Second  Announcement), its counsel has received HK $544,000,000 (approximately CDN  $76.2 million) (the "Funds"), representing the aggregate subscription price in  respect of the Revised Placement and the Second Placements, in its trust  account from the six subscribers (being Immediate Focus, Big View, China Life,  City Legend, Crystal Touch and Yarui).  It is expected that the Funds will be held on trust pending the closing of the  Revised Placement and Second Placements, which will be conditional upon the  following conditions:  (i)     the closing of the Proposed Debt Offering (as defined in the First  Announcement);  (ii)    the Hong Kong Stock Exchange and the Toronto Stock Exchange approving  the listing of the Common Shares to be issued pursuant to the Second  Placements;  (iii)   compliance of the Revised Placement and Second Placements with the  requirements under the Hong Kong Listing Rules and the Hong Kong Code on  Takeovers and Mergers (where applicable); and  (iv)   the receipt of all other required regulatory approvals.  After the fulfilment of conditions (ii), (iii) and (iv) above, completion of  the Revised Placement and Second Placements and release of the subscription  funds to the Corporation are expected to take place concurrently with the  closing of the Proposed Debt Offering.  A further announcement will be made by  the Corporation upon completion of the Revised Placement and Second Placements.  The Corporation anticipates that the net proceeds to be raised from the  Revised Placement and Second Placements will be primarily used by the  Corporation to settle outstanding accounts payable with a view to resuming the  development and construction of the Corporation's West Ells steam assisted  gravity drainage ("SAGD") project and for general corporate purposes.  Completion of the Revised Placement and Second Placements is subject to the  satisfaction of the conditions referred to above. As the Revised Placement and  Second Placements may or may not proceed, Shareholders and potential investors  of the Corporation are advised to exercise caution when dealing in the  securities of the Corporation.  The Corporation intends to use the proceeds from the Proposed Debt Offering  to: (i) fund expenditures associated with the anticipated final construction  and development necessary to complete phases one and two at the Corporation's  West Ells SAGD project and general corporate purposes, (ii) prefund 18 months  of cash interest in an escrow account and (iii) pay fees and expenses  associated with the Proposed Debt Offering.  No binding agreement in relation to the Proposed Debt Offering has been  entered into as at the date of this announcement. The Proposed Debt Offering  may nor may not materialise subject to, among other things, market conditions  and investors' interest. Investors and shareholders of the Corporation are  reminded to exercise caution when dealing in the securities of the Corporation.  FORWARD-LOOKING INFORMATION AND DISCLAIMER  This announcement contains forward-looking information relating to, among  other things: (a) the future financial performance and objectives of Sunshine;  (b) the plans and expectations of the Corporation; (c) the ability of the  Corporation to complete the Proposed Debt Offering, the Revised Placement and  Second Placements; and (d) the use of any proceeds raised from the Proposed  Debt Offering, Revised Placement and Second Placements.  Such forward-looking  information 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 words such as "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 announcement 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 the Annual Information Form of  the Corporation for the year ended December 31, 2013 (the "AIF"), "Risk  Management" in our current MD&A for the year ended December 31, 2013 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 www.hkexnews.hk, on the SEDAR website at www.sedar.com or our  website at www.sunshineoilsands.com.  In addition, information and statements in this announcement relating to  "reserves" and "resources" are deemed to be forward-looking information, as  they involve the implied assessment, based on certain estimates and  assumptions, that the reserves and resources described exist in the quantities  predicted or estimated, and that the reserves and resources described can be  profitably produced in the future. The assumptions relating to Sunshine's  reserves and resources are contained in the reports of GLJ Petroleum  Consultants Ltd. and DeGolyer and MacNaughton Canada Limited, each effective  as of December 31, 2013.  For additional information regarding the specific  contingencies which prevent the classification of Sunshine's contingent  resources as reserves see "Statement of Reserves Data and Other Oil and Gas  information" in our most recent AIF.  The estimates of reserves and future net  revenue for individual properties in this announcement may not reflect the  same confidence level as estimates of reserves and future net revenue for all  properties, due to the effects of aggregation.  "Contingent Resources" has the  meaning given to that term in the AIF.  About Sunshine Oilsands Ltd.  The Corporation is a Calgary based public corporation, listed on the Hong Kong  Stock Exchange since March 1, 2012 and the Toronto Stock Exchange since  November 16, 2012. The Corporation is focused on the development of its  significant holdings of oil sands leases in the Athabasca oil sands region.  The Corporation owns interests in approximately one million acres of oil sands  and P&NG leases in the Athabasca region. The Corporation is currently focused  on executing milestone undertakings in the West Ells project area.  West Ells  has an initial production target rate of 5,000 barrels per day, which will be  followed immediately by an approved expansion to a planned production capacity  of 10,000 barrels per day. In addition to West Ells activities, the  Corporation has received regulatory approval for the Thickwood 10,000 barrels  per day SAGD project and has an additional 10,000 barrels per day application  in regulatory review for Legend.  Website: www.sunshineoilsands.com    SOURCE  Sunshine Oilsands Ltd.  Mr. David Sealock, Interim President & CEO, Tel: (1) 403 984 1446,  Email:investorrelations@sunshineoilsands.com  CO: Sunshine Oilsands Ltd. ST: Hong Kong NI: OIL UTI