Mr. Kevin Sun reports

PRIVATE PLACEMENT CLOSED

Sunoil Ltd. has closed a non-brokered private placement of 13,333,333 units at six cents per unit for gross proceeds of $800,000. Each unit includes one share only. Shares issued in this offering will be subject to a four-month hold. No finder's fee was paid to agents. Proceeds from this private placement will be used to pay the debts generated from a recently announced business acquisiton.