Sunshine Oilsands Ltd. Announces Grant of Share Options

CALGARY, Alberta and HONG KONG, Dec. 18, 2014 /CNW/ -- This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

The board of directors of Sunshine Oilsands Ltd. (the "Corporation"; HKEX: 2012, TSX: SUO) announces that share options to acquire shares in the capital of the Corporation were granted by the Corporation to certain directors under its share option scheme adopted on January 26, 2012 and amended on May 7, 2013, subject to acceptance by these certain parties, with details as follows:

Date of grant                                                                  :            December 17, 2014 (Calgary and Hong Kong)                 
Number of Shares in respect of which the Share Options were granted            :            13,000,000                                                
Exercise price of Share Options granted (Note 1)                               :            CDN$ 0.09 (HK$ 0.60 equivalent)  per share              
Closing price of the Shares on December 17, 2014                               :            HK$ 0.58 per share                                       
Validity period of the Share Options                                           :            Five (5) years                                            
                                                                                                                                                      
Note 1: Options were priced in Canadian dollars and the Hong Kong dollar price is based on the Bank of Canada noon exchange rate on the date of grant.

Included in the total share options granted are the following share options granted to directors of the Corporation:Â Â Â

Name    PositionNumber of  Options Granted
Hong LuoDirector3,000,000                  
Qi JiangDirector10,000,000                 

Other than listed above, no substantial shareholder, chief executive, director or associate (as defined under the Listing Rules) of any of them were granted Share Options.

As at the date of this announcement, the Board consists of Mr. Michael John Hibberd, Mr. Hong Luo, Dr. Qi Jiang and Mr. Jin Hu as executive directors; Mr. Hok Ming Tseung, Mr. Tingan Liu, Mr. Haotian Li as non-executive directors; and Mr. Raymond Shenti Fong, Mr. Robert John Herdman, Mr .Gerald Franklin Stevenson and Mr. Zhefei Song as independent non-executive directors.

SOURCE Sunshine Oilsands Ltd.