The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

An oil pump jack is silhouetted against the sky in the heart of Alberta’s oil sands.
An oil pump jack is silhouetted against the sky in the heart of Alberta’s oil sands.
(JASON FRANSON For The Globe and Mail)

Sunshine scraps year-long alternatives search

Sunshine Oilsands Ltd. has ended a year-long search for strategic alternatives after closing a debt offering it said will allow it to restart construction at its long-stalled northern Alberta energy project.

Sunshine, backed by a group of Chinese institutional and retail investors, said it no longer intends to examine potential joint ventures and asset sales, which were contemplated in August 2013 when it ran out of money while constructing its West Ells oil sands development. The company then suspended work, kicking off months of equity placements to raise cash.