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Current Stock Chart for SUNSHINE OILSANDS LTD (2012)

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sunshine oilsands ltd (2012) Details

Sunshine Oilsands Ltd. evaluates and develops oil sands leases in the Athabasca oil sands region in Alberta, Canada. The company portfolio of oil sands leases comprising three asset categories, including clastics, carbonates, and conventional heavy oil. It owns a 100% interest of approximately 1,039,127 acres of oil sands, and PNG leases and licenses located primarily in the West Ells, Thickwood, Legend, Harper, Muskwa, Goffer, and Portage regions in the Athabasca area. Sunshine Oilsands Ltd. was incorporated in 2007 and is headquartered in Calgary, Canada.

74 Employees
Last Reported Date: 03/29/16
Founded in 2007

sunshine oilsands ltd (2012) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: C$220.8K
President, Chief Operating Officer, Executive...
Total Annual Compensation: C$496.5K
Chief Financial Officer and Executive Directo...
Total Annual Compensation: C$300.0K
Compensation as of Fiscal Year 2015.

sunshine oilsands ltd (2012) Key Developments

Sunshine Oilsands Ltd. Announces Extension of Forbearance Agreement from Noteholders

The Board of Directors of Sunshine Oilsands Ltd. announced that the Corporation has entered into a further forbearance agreement with all of the holders of the Notes. Pursuant to the Second Forbearance Agreement, each of the Noteholders has agreed not to enforce its rights in respect of the Notes prior to 2:00 p.m. (New York time) on August 15, 2016, subject to certain restrictions, in order to provide the Corporation and the Noteholders with additional time to finalize definitive documentation effecting, among other things, entering into a term loan facility that extends the maturity date of the indebtedness owed to the Noteholders to August 1, 2017. Pursuant to the Second Forbearance Agreement, Sunshine has paid to the Noteholders the installment of interest due on the Notes on August 1, 2016 in the amount of USD 10 million.

Sunshine Oilsands Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Sunshine Oilsands Ltd. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, loss before income taxes was CAD 20,736,000 against CAD 19,122,000 a year ago. Net loss and comprehensive loss for the period attributable to equity holders of the company was CAD 20,736,000 against CAD 19,122,000 a year ago. Net cash provided by operating activities was CAD 1,568,000 against net cash used in operating activities of CAD 3,830,000 a year ago. Payments for exploration and evaluation assets were CAD 502,000 against CAD 439,000 a year ago. Payments for property, plant and equipment were CAD 6,437,000 against CAD 38,893,000 a year ago. For six months, loss before income taxes was CAD 23,509,000 against CAD 49,961,000 a year ago. Net loss and comprehensive loss for the period attributable to equity holders of the company was CAD 23,509,000 or CAD 0.01 per basic and diluted share against CAD 49,961,000 or CAD 0.01 per basic and diluted share a year ago. Net cash used in operating activities was CAD 4,488,000 against CAD 9,361,000 a year ago. Payments for exploration and evaluation assets were CAD 809,000 against CAD 639,000 a year ago. Payments for property, plant and equipment were CAD 15,952,000 against CAD 88,176,000 a year ago.

Sunshine Oilsands Ltd. Obtains Forbearance from Noteholders to Negotiate Definitive Agreement for Term Loan

Reference is made to the announcements of Sunshine Oilsands Ltd. (the 'corporation') dated August 5, 2014, August 8, 2014 and February 5, 2016 in relation to, among other things, the offering of USD 200 million principal amount of senior secured notes. The corporation has entered into a forbearance agreement with all of the holders of the Notes maturing on August 1, 2016. Pursuant to the Forbearance Agreement, each of the Noteholders has agreed not to enforce its rights in respect of the Notes prior to 2:00 p.m. New York time on August 8, 2016, subject to certain restrictions, in order to provide the corporation and the Noteholders with additional time to finalize definitive documentation effecting, among other things, entering into a term loan facility that extends the maturity date of the indebtedness owed to the Noteholders to August 1, 2017. Sunshine has been in discussions with the Noteholders in connection with the principal terms of the term loan facility and all parties have reached a general understanding on the anticipated main terms of the term loan facility. These terms are expected to include the following: (a) extending the maturity date of the indebtedness pursuant to the Notes to August 1, 2017; (b) converting the Notes into a term loan facility; (c) paying down USD 25.0 million of the principal amount of the USD 200 million principal indebtedness on February 1, 2017; (d) an interest rate of 10% cash plus 2.5% payment-in-kind (PIK) through to the new maturity date; (e) making an interest payment effective as of August 1, 2016 and a payment of the yield maintenance premium for the Notes by September 15, 2016; (f) interest payments under the term loan will be payable on February 1, 2017 and August 1, 2017; (g) covenants relating to minimum liquidity to be held by the Corporation for specified periods until the new maturity date; (h) board of director observation rights for certain significant Noteholders; (i) term loan agreement style reporting obligations; (j) use of proceeds restrictions for the proceeds of any asset sales completed by the corporation prior to the new maturity date; and (k) budget approval rights; and (l) satisfaction with the corporation's vendor payment arrangements and amounts.

 

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