Canadian oil-sands business Sunshine Oilsands Ltd has made a US$578 million global offering of shares and listed on the Hong Kong Stock Exchange.
The company is the first oil-sands business to list on the Hong Kong Stock Exchange and also the first Alberta-incorporated company to list.
It will use the listing proceeds for funding the development of its oil sands and heavy/light oil projects, and for general working capital. Sunshine Oilsands is primarily focused on the development and production of oil sands within its 464,897 hectares of leases in the Athabasca oil sands region in Alberta, Canada. Freshfields Bruckhaus Deringer advised the Canadian company on the transaction as to US and Hong Kong law. Its global capital markets team was led by China Chairman Teresa Ko and China Head of Corporate Practice Ken Martin. They were supported by Senior Associate James Mythen, Associates Eric Cheung, Constance Chou, Ivy Yam, Miranda Lewin and Senior Legal Executive Christina Fu.
McCarthy Tetrault advised Sunshine Oilsands as to Canadian law. Bank of China International, Deutsche Bank and Morgan Stanley are joint global co-ordinators and joint sponsors of the global offering.