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Sunshine Oilsands Ltd announces completion of revised placement and second placements of an aggregate HK$544 mln of common shares under general mandate


Wednesday, 25 Jun 2014 10:00pm EDT 

Sunshine Oilsands Ltd:Says that, prior to commencement of the company's annual general meeting of shareholders, the conditions to placements as set out in the announcements were fulfilled or waived and placements were completed during early morning hours of June 25.An aggregate 640,000,000 common shares, representing about 16.45 pct. of total issued common shares as enlarged by allotment and issue of common shares pursuant to placements.Have been placed to Immediate Focus (188,000,000 common shares), Big View (142,000,000 common shares), China Life (128,000,000 common shares), City Legend (54,000,000 common shares), Crystal Touch (100,000,000 common shares) and Yarui (28,000,000 common shares).At subscription price of HK$0.85 per common share (about C$0.12 per common share).Common Shares were allotted and issued to Immediate Focus, Big View, China Life, City Legend, Crystal Touch and Yarui under refreshed general mandate.Says it has received total gross proceeds of HK$544,000,000 from completion of placements.Total net proceeds (after deducting all expenses incidental to placements) raised from placements amount to about HK$543,644,000 (about C$76.25 mln.Says proceeds will be primarily used by to settle outstanding accounts payable with view to resuming development and construction of the company's West Ells steam assisted gravity drainage (SAGD) project and for general corporate purposes. 

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