The Hong Kong-listed company sold 197 million shares at a price of C$0.23 per share.
Sunshine’s directors said the placement came at an important time for the company and the money raised would be used for short term capital requirements and general corporate purposes.
Sunshine is focused on a number of leases in Canada’s Athabasca oil sands region and holds leases covering about 467,969 hectares.
The main portion of the shares have gone to four investors, Immediate Focus, Global Petroleum Services, Yariu Limite and Wang Yusen- an investor based in Hong Kong.
The placement has diluted the voting power of the three largest shareholders in the company.
Goldview Development’s holding dropped from 9.24% to 6.85%, while Premium Investment’s holding dropped from 8.29% to 7.76%.
Sinopec Century Bright Capital’s holding dropped from 8.29% to 7.76%.
The placement is still awaiting approval from the Hong Kong Stock Exchange and the Toronto Stock Exchange.
*Bianca Bartucciotto, Upstreamonline