Sunshine Oil (02012) has announced that on September 23, 2026 (Hong Kong time/Calgary time), the company entered into a subscription agreement with a subscriber. Under this agreement, the subscriber intends to subscribe for, and the company intends to allot and issue, a total of 43.7 million subscription shares at a subscription price of HK$0.160 per share, with a total cash consideration of HK$6.992 million.
The issue price of HK$0.160 represents a premium of approximately 1.91% over the closing price of HK$0.157 per share as quoted on the Stock Exchange of Hong Kong on September 23, 2026 (Hong Kong time). Assuming no further issuance of new shares or repurchase of shares, the relevant shares would represent approximately: (i) 6.14% of the company's existing issued share capital as of the date of this announcement; and (ii) 5.79% of the company's enlarged total issued share capital immediately following completion of the issuance.
Upon completion of the subscription, the maximum total gross proceeds from the subscription are expected to be approximately HK$6.992 million (approximately CAD 1.2537 million). The net proceeds from the subscription are intended to be used by the group for (1) repaying debts due within one year; and (2) general working capital purposes (including but not limited to employee costs, professional fees, and other general administrative and operating expenses).
The subscription shares will rank pari passu in all respects with the existing shares and will be allotted and issued under the general mandate. The company will apply to the Listing Committee of the Stock Exchange of Hong Kong for approval of the listing and trading of the relevant shares. As of the date of this announcement, 98,494,300 shares have been allotted but not yet issued under the general mandate. The allotment and issuance of the relevant shares do not require shareholder approval.