Sunshine Oilsands Ltd. — Director's Dealing 2019

Sep 9, 2019

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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SUNSHINE OILSANDS LTD. 陽光油砂有限公司 ***** (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) (HKEX: 2012)

GRANT OF SHARE OPTIONS

This announcement is made pursuant to Rule 17.06A of the Rules (the “ Listing Rules ”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”).

The board of directors (the “ Board ”) of Sunshine Oilsands Ltd. (the “ Corporation ”) announces that share options (the “ Options ”) to acquire Class “A” common shares in the capital of the Corporation (the “ Shares ”) were granted by the Corporation to certain directors of the Corporation (the “ Grantees ”) under its share option scheme adopted on January 26, 2012, as amended on May 7, 2013 and June 13, 2013 (the “ Share Option Scheme ”), subject to acceptance by the Grantees, with details as follows:

Date of grant : September 9, 2019 (Hong Kong time) Number of Options granted : An aggregate of 10,000,000 Options in respect of 10,000,000 Shares Exercise price of Options granted [(Note 1)] : HK$0.073 (approximately equivalent to CDN$0.012) [(Note 1)] per Share Closing price of the Shares on the date : HK$0.072 of grant Validity period of the Options : Five (5) years

*For identification purposes only

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Note:

1. The Options were priced in Hong Kong dollar and the Canadian dollar price is based on the Bank of Canada noon exchange rate on the business date preceding the date of grant. Each Option shall entitle each of the Grantees to subscribe for one Share upon exercise of such Option at an exercise price of HK$0.073 (approximately equivalent to CDN$0.012) per Share, which is higher than (i) the closing price of HK$0.072 per Share as quoted on the Stock Exchange on the date of grant of the Options; and (ii) the average closing price of HK$0.073 (approximately equivalent to CDN$0.012) per Share as quoted on the Stock Exchange for the 5 trading days immediately preceding the date of grant of the Options.

The Options were granted to the following directors of the Corporation :-

Name	Number of Options Granted
Yi (David) He	5,000,000
Guangzhong Xing	5,000,000

The grant of Options to the Grantees has been approved by the Board of directors of the Corporation, including all of the independent non-executive directors of the Corporation in accordance with Rule 17.04(1) of the Listing Rules and the rules of the Share Option Scheme. Each of Yi (David) He and Guangzhong Xing has abstained from voting in relation to the grant of Options to themselves.

Other than listed above, none of the Grantees is a substantial shareholder, chief executive or director of the Corporation, or an associate (as defined under the Listing Rules) of any of them.

By Order of the Board of Sunshine Oilsands Ltd.

Kwok Ping Sun Executive Chairman

Hong Kong, September 9, 2019 Calgary, September 9, 2019

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Ms. Linna Liu and Ms. Xijuan Jiang as nonexecutive directors; and Mr. Yi He, Mr. Alfa Li and Mr. Guangzhong Xing as independent non-executive directors.