Sunshine Oilsands Ltd. (the “Company”) has announced a further delay in the despatch of a circular initially scheduled for release on or before February 5, 2026. According to the Board of Directors, the new expected date for the circular’s issuance has been postponed to on or before March 3, 2026. The Company attributed this extension to the additional time needed to prepare and incorporate certain information relating to, among other things, the Acquisition of 51% equity interest in the target company involving the issuance of consideration shares under a specific mandate.
The circular’s contents are set to include details about the equity agreement, as well as recommendations and advice from the Independent Board Committee and the independent financial adviser. Financial information of the Company and the target group will be included, together with a notice of a special general meeting. It is noted that the completion of the relevant transaction remains subject to fulfilling various conditions precedent, and it may or may not proceed. Shareholders and investors are therefore advised to exercise caution when dealing in the Company’s shares.
Sunshine Oilsands Ltd. is listed on the Hong Kong Stock Exchange and focuses on the development of its substantial oil sands leases in Canada’s Athabasca region. Its current focus is on the West Ells project area, with an initial production target of 5,000 barrels per day.
The Company’s announcement also contains forward-looking information regarding its plans and expectations. Such statements are based on present assumptions and historical trends, and they entail risks and uncertainties related to resource definition, production levels, fluctuations in oil and gas prices, regulatory approvals, and capital availability. The Company advises that readers avoid placing undue reliance on forward-looking statements, as actual results may differ materially.
No obligation is undertaken to update or revise forward-looking statements unless required by applicable securities legislation. The forward-looking statements in the announcement are expressly qualified by these cautionary statements. The Company’s material risk factors are outlined in its annual information form for the year ended December 31, 2019, and in other documents filed with regulatory authorities. Shareholders and potential investors should read these documents carefully and remain aware of the potential risks involved.