Gelonghui, April 11, 丨 Sunshine Oil Sands (02012.HK) announced that on April 11, 2024, the company signed an interest exemption agreement with the extension holder. Based on this, the extension holder agreed to unconditionally and irrevocably exempt the company from accrued interest from January 1, 2024 to December 31, 2024. According to the reinstatement and amendment extension agreement reached between the two parties on August 8, 2023, the outstanding amount (i.e. principal plus interest) is calculated at an annual interest rate of 10.0%, and the total amount of exempted interest is US$31,529,139.
With the exception of the interest exemption, all other terms and conditions for resuming and amending the extension agreement remain unchanged.
The board of directors believes that establishing an interest exemption agreement is in the overall interest of the company and its shareholders, because the interest exemption agreement will drastically reduce the company's liabilities while reducing the balance to liability ratio.