Sunshine Oil: No Share Changes in September; Up to 347.90 Million New Shares Await Completion

Bulletin Express
10/05

Sunshine Oil (Sunsine Oilsands Ltd.) filed its monthly return for the period ended 30 September 2026, confirming that its issued share capital remained unchanged during the month. The company’s issued share count stood at 711.35 million ordinary shares, with no treasury shares held. Management also affirmed compliance with the Hong Kong Stock Exchange’s minimum 25% public-float requirement.

Potential Equity Issuances Pending 1. Revised Placing Agreement (21 Dec 2025; amended 30 Jul 2026): • Up to 205.70 million new shares at HK$0.20 each, replacing the original plan for 114.28 million shares at HK$0.36. • Subject to shareholder-granted specific mandate; issuance not completed as of 30 September 2026.

2. Debt-for-Equity Settlement (6 Sep 2026): • 98.49 million Class “A” common voting shares to be issued at HK$0.171 per share. • Settlement will extinguish HK$16.84 million (approximately CAD$2.96 million) of debt owed to creditors Xu LingWu and Zhang YuYi. • Shares to be issued under the general mandate approved on 22 June 2026; transaction pending completion.

3. Subscription Agreement (23 Sep 2026): • 43.70 million shares to be issued at HK$0.16 each, raising HK$6.99 million (approximately CAD$1.25 million). • Shares to be issued under the same general mandate; issuance pending completion.

If all three transactions close as structured, Sunshine Oil’s share base could expand by up to 347.90 million shares—equivalent to approximately 48.9% of the current 711.35 million shares outstanding. No share options, warrants, convertibles, treasury share movements, or Hong Kong Depositary Receipts were reported for the month.

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