Sunshine Oilsands (T.SUO) tanks after unexplained executive resignations

Peter Kennedy Peter Kennedy, Stockhouse
0 Comments| December 10, 2013

Shares of Sunshine Oilsands Ltd. (TSX: T.SUO, Stock Forum) fell 8% Tuesday on the heels of an announcement that its two top executives have resigned for undisclosed reasons.

The China-based Alberta oilsands developer said in a press release that the board of directors has accepted the resignation of President and CEO John Zahary, and Chief Financial Officer Robert Pearce.

Sunshine Oilsands also said David Sealock, the company’s executive vice-president, corporate operations, will assume the role of interim President and CEO.

“There are no disagreements with the board of directors relating to the resignations that need to be brought to the attention of shareholders,’’ the company added.

The resignations are disclosed well down in a press release that also details the completion of private placement of units priced at approximately 23 cents per unit.

Trading at 21.5 cents, Sunshine Oilsands has a market cap of $620.4 million, based on 2.8 billion shares outstanding. The 52-week range is 41.5 cents and 19 cents.

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