Report: Sunshine Oilsands pulls $325M bond

|About: Sunshine Oilsands Ltd (SUNYF)|By:, SA News Editor

Sunshine Oilsands (SUNYF), backed by Chinese investors including China Life (LFC), is abandoning a plan to issue a $325M bond after failing to attract buyers, Bloomberg reports.

Sunshine instead will pursue alternative financing led by Imperial Capital, Scotia Capital and Morgan Stanley, according to the report.

The company is targeting initial production of 5K bbl/day using steam to extract trapped reserves of bitumen at its West Ells project in the Athabasca oil sands region in Alberta.