Sunshine Oilsands (HK:2012) has released an update.
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Sunshine Oilsands Ltd. has signed a non-binding memorandum of understanding (MOU) with Nobao Energy Holding (China) Company Limited, indicating a potential acquisition of equity interest in a subsidiary registered in Hong Kong. The final purchase price, yet to be determined, is expected to be paid in common shares of Sunshine Oilsands. The acquisition is contingent upon several conditions including due diligence, formal valuation, and necessary approvals from independent committees and regulatory bodies.
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