Sunshine Oilsands (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) wishes to announce the following:

Closing of Private Placement under General Mandate

Sunshine has completed the closing of 36,912,000 Common Shares at a price of HK $0.63 per Common Share (approximately CDN $0.11 per Common Share), for gross proceeds of HK $23,254,560 (approximately CDN $3,982,286). Placement expenses are estimated to be approximately HK $700,000 (approximately CDN $119,873).

Tags: Sunshine Oilsands Ltd.