Inside Information 781 0 Kommentare Long Term Forbearance Reinstatement With Noteholders

HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - March 20, 2017) - The Board of Directors of Sunshine Oilsands Ltd. ("the Company" or "Sunshine") (HKSE:2012) hereby announces the following:

LONG-TERM FORBEARANCE REINSTATEMENT WITH NOTEHOLDERS

Reference is made to the announcements of the Company dated August 5, 2014, August 8, 2014 and February 5, 2016 (all Hong Kong time) in relation to, among other things, the offering of US$200 million principal amount of senior secured notes (the "Notes"). Reference is also made to the announcements of the Corporation dated August 1, 2016, August 12, 2016, August 17, 2016, August 29, 2016, September 1, 2016, September 12, 2016, 31 October, 2016 and 31 January, 2017(all Hong Kong time) in relation to, among other things, the forbearance agreements the Company has entered into with the holders of the Notes (the "Noteholders").

On March 20, 2017 (Calgary time), the Company and the Forbearing Holders confirmed the signing of the Forbearance Reinstatement Agreement (the "FRA") and a Note Exchange Agreement (the "NEA"). The principal payment terms of the FRA include: (i) Payment of 20% of the Yield Maintenance Premium (the "YMP") originally due on August 1, 2016 by cash; (ii) 80% of the YMP will be repaid on August 1, 2017 as the bond matures; (iii) the Company agreed to repay bond principal of approximately USD11.2 million by issuance of shares (the "Share Issuance"), which therefore the NEA is to be executed; (iv) Payment of 20% accrued interest and forbearance fee fell due on February 1, 2017 by cash and the remaining amount to be repaid on August 1, 2017 as the bond matures; (v) Regarding the USD22.5 million of principal repayment which fell due on February 1, 2017, both parties agreed to defer the repayment as follows: USD5.0 million and USD10.0 millionare to be repaid by the end of April 2017 and June 2017 respectively. The remaining amount shall be repaid on or before the maturity date of the bond, i.e. August 1, 2017.

The Board believes the entering into of the FRA and NEA is in the best interests of the Company and its shareholders as a whole as the FRA and NEA will provide the Company with additional time to repay or refinance the indebtedness owed by the Company to the Noteholders under the Notes. The Company is not aware that the Noteholders intend to enforce their rights in respect of the Notes.