(EnergyAsia, November 9 2012, Friday) — Hong Kong-listed Sunshine Oilsands Ltd, which hopes to start oil production in Canada’s Alberta province in late 2013, said it has obtained conditional approval for a secondary listing on the Toronto Stock Exchange (TXS).
The company, which intends to maintain its primary listing in Hong Kong, said it will issue an announcement once the TSX confirms that it has satisfied listing conditions.
Songning Shen, Sunshine Oilsands’ co-chairman, said:
“The company is planning for a secondary listing in Toronto, which will not raise additional funds as it is a listing by introduction. A dual listing on Hong Kong and Canada has always been part of the company’s business development plans, and the management remains committed to its strategic development in Asia and China.
“Sunshine Oilsands has focused on the development of its oil sands business in Canada since 2007. A secondary listing in Canada will help expand the company’s investor base and boost the liquidity of its shares.
“In addition to strong support from its cornerstone investors in Asia such as Sinopec, CIC, Bank of China Group Investment, China Life and Orient Group, the company has a strong financial position which is sufficient to meet its future development needs.”
Since incorporation in 2007, Sunshine Oilsands said it has secured over 464,897 hectares of oil sands leases, equal to approximately 7% of all granted leases in the Athabasca oil sands region in Alberta.