Gelonghui May 10 丨 Sunshine Oil Sands (02012bbwpoker.HK) announced that on May 10, 2024, the company entered into a settlement agreement with its creditor, Mr. Zhang Jun, who is a shareholder and creditor of the company. Pursuant to this agreement, the company will allot and issue relevant shares to creditors as the full and final settlement of the debts payable.
The issue price is HK$0.38, which is equivalent to the closing price of HK$0.38 per share as quoted by the Stock Exchange on May 10, 2024.
As of the date of the settlement agreement, the company's debts payable to creditors amounted to HK$18,504,380. This debt payable will be settled by the issuance of 48,695,736 shares. Assuming no further new shares are issued or repurchased, the relevant shares represent approximately 20.0% of the existing issued share capital; and 16.67% of the company's enlarged total issued share capital immediately after the completion of the issue.
The company's directors believe that paying debts payable by issuing shares will not cause a large cash outflow from the company, while reducing the company's liabilities. Therefore, the directors believe that the terms of the settlement agreement are fair and reasonable, and that this issuance is in the overall interests of the company and shareholders.
（bbwpoker: Congratulations
