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Three investors to buy US$350 mln in Sunshine Oilsands HK IPO

Feb. 9, 2012 (China Knowledge) - Three cornerstone investors have agreed to invest a total of US$350 million in the initial public offering of Sunshine Oilsands Ltd in Hong Kong, said sources familiar with the matter.

China Investment Corp, the country's sovereign wealth fund, and China Petrochemical Corp or Sinopec Group, Asia's largest oil refiner, each plan to subscribe US$150 million of Sunshine Oilsands' IPO shares.

US-based asset management firm EIG Global Energy Partners has agreed to buy US$50 million of IPO shares.

The report came after Sunshine Oilsands delayed its US$700-million IPO. The company originally planned to receive subscription from institutional investors from February 6.

Sunshine Oilsands, which suffered a net loss of C$9.86 million in 2010 and C$76.78 million in 2011, would not earn profit until 2014 as all of its projects are currently in the exploration stage, China knowledge reported earlier.

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