On Dec. 28, Sunshine Oilsands Ltd. opened a private placement of 150 million Class A common shares for about CA$7.6 million, or HK$43.5 million, according to a Dec. 29 press release.

The net proceeds will support general working capital and development, including costs of the West Ells steam-assisted gravity drainage project in Canada’s Athabasca oil sands.

Common shares were issued to subscriber Zhengwei International Investment And Management Co. Ltd.

The completion of the private placement is subject to the approval of the Stock Exchange of Hong Kong Ltd. and other regulatory approvals.

The private placement is scheduled to be completed by March 28, 2017.