Sunshine Oilsands (HKG:2012) extended the closing date for its proposed placement of as many as 114.3 million shares under a specific mandate to July 31 from May 31, according to a Thursday Hong Kong bourse filing.

Shares of the oil sands company were down more than 4% in Friday morning trade.

The company said additional time is required for the placement and issuance of the shares.

The proposed placing, announced in December 2025, involves shares priced at HK$0.36 each and is expected to raise net proceeds of about HK$40.3 million for general working capital.

The new shares represent about 20% of Sunshine Oilsands' existing issued share capital and about 16.7% of the enlarged share capital after the allotment.