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Sunshine Oilsands Raises Funds to Complete West Ells Phase One
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Sunshine Oilsands Ltd. has announced the pricing of its previously announced offering of senior secured notes.
Sunshine will issue US$200 million principal amount of Notes at an offering price of US$938.01 per US$1,000 principal amount.
The Notes will bear interest at a rate of 10% per annum and will have a final maturity date of August 1, 2017. If by February 1, 2016, Sunshine has not: (1) received at least US$50,000,000 of net cash proceeds from one or more equity offerings; and (2) deposited, or caused to be deposited, cash in an amount sufficient to pay: (x) one year of interest payments on the aggregate principal amount of Notes outstanding on February 1, 2016; and (y) the Yield Maintenance Premium (as defined below), then the final maturity date of the notes shall be August 1, 2016.
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