Sunshine Oilsands Ltd.

Opened a private placement of 150 million Class A common shares. Net proceeds will support general working capital and development, including costs of the West Ells steam-assisted gravity drainage project in Canada’s Athabasca oil sands. Common shares were issued to subscriber Zhengwei International Investment And Management Co. Ltd. The March 28, 2017 completion of the private placement is subject to the approval of the Stock Exchange of Hong Kong Ltd.