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 
http://www.sunshineoilsands.com 
To view this news release in HTML formatting, please use the following URL: 
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CO: Sunshine Oilsands Ltd.
ST: Alberta
NI: OIL UTI  
-0- Jun/09/2014 02:37 GMT
 
 
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