Sunshine Oilsands Ltd.

Announcement of Partial Closing of Private Placement of 40,000,000 Common Shares Under Specific Mandate - Seite 2

The Issued Shares represent (i) approximately 0.911% of the total issued and outstanding Common Shares prior to the Partial Closing and (ii) approximately 0.903% 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.

An announcement will be issued when the Corporation completes the closing of the remaining 360,186,667 Common Shares (HK$270,140,000 or approximately CDN $44,627,635 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.

Previous Extensions of the Subscription by Prime Union

Reference is made to the announcement of the Corporation dated May 3, 2016 (Hong Kong) wherein the Corporation announced the most recent extension of the subscription by Prime Union (the "Subscription") to August 2, 2016. As mentioned above, the remaining Common Share under the Subscription will close in one or more tranches with the final tranche closing no later than August 2, 2016. The Corporation confirms that the Board will not consider any further extensions to the Subscription. The Corporation also wishes to confirm that a number of factors have contributed to the Board's decision to extend the Subscription. The Corporation is pursuing a number of financing initiatives including refinancing its outstanding US $200 million principal amount secured notes (the "Notes") as well as potentially extending the maturity date of the Notes. Extending the Subscription has allowed the Corporation to maintain flexibility to address potential requirements necessary to refinancing or extending the Notes. In addition, extending the Subscription has provided flexibility to stabilize trading in the Common Shares of the Corporation, which has further enhanced the Corporation's efforts to pursue refinancing and extending of the Notes while increasing overall confidence in the Corporation by the Corporation's various stakeholders. All of the foregoing reasons to extend the Subscription have supported the original intent of the Subscription which is to increase the working capital available to the Corporation