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Sunshine Oilsands to Raise HK$7 Million via Share Subscription

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Sunshine Oilsands (HKG:2012) agreed to issue 43.7 million new shares at HK$0.160 each to subscriber Gavin James Thomson for HK$6.99 million, according to a Wednesday filing with the Hong Kong bourse.

The subscription price is in line with the five-day average closing price of HK$0.160 and represents a 1.91% premium to the Sept. 23 closing price of HK$0.157.

The new shares will account for 6.14% of the company's existing issued share capital and 5.79% of its enlarged share capital.

Sunshine Oilsands plans to use the net proceeds to repay debt that has fallen due or is becoming due, with the balance for general working capital.

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