Sunshine Oilsands Ltd.

Announcement of Partial Closing of Private Placement of 96,400,000 Common Shares Under Specific Mandate - Seite 2

The Issued Shares represent (i) approximately 2.176% of the total issued and outstanding Common Shares prior to the Partial Closing and (ii) approximately 2.129% of the total issued and outstanding Common Shares as enlarged by the Partial Closing.

The Corporation intends to apply the net proceeds from the Issued Shares (i) for general working capital of the Corporation and (ii) as funds for future development of the existing business of the Corporation, including funding the operation costs of the West Ells project.

A further announcement will be issued when the Corporation completes the closing of the remaining 263,786,667 Common Shares (HK$197,840,000 or approximately CDN $33,263,838 at current exchange rates) subscribed for by Prime Union which will be closed in one or more tranches with the last tranche closing no later than August 2, 2016.

ABOUT SUNSHINE OILSANDS LTD.

The Corporation is a Calgary based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production target rate of 5,000 barrels per day.

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; and (b) the intended use of proceeds of the Partial Closing; (c) the closing of the remaining 263,786,667 Common Shares subscribed for by Prime Union; and (d) the plans and expectations of the Corporation. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as "estimate", "forecast", "expect", "project", "plan", "target", "vision", "goal", "outlook", "may", "will", "should", "believe", "intend", "anticipate", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Sunshine's experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta's regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance.