2013-08-14 20:17:24 -
Not for distribution to United States newswire services or for dissemination in the United States
London, Ontario CANADA, August 14, 2013 /FSC/ - Tribute Resources Inc. (TRB - TSX Venture), ("TRB"), a developer of renewable energy projects and natural gas storage in Canada, announces closing of the acquisition of 100% of the issued and outstanding shares of Western Tidal Holdings Inc. ("WTH"), a British Columbia corporation.
Now owned 100% by TRB, WTH will remain active as a private subsidiary registered in British Columbia. WTH is focused on developing tidal power electrical generation facilities in and around the Gulf Islands of the province of British Columbia. The power will connect to the BC Hydro electrical transmission and distribution networks. WTH has in
excess of 280 MW of early stage tenure applications for tidal power site investigation with the BC government at locations that meet its development and sustainability criteria. British Columbia has over 4,000 MW of estimated tidal resources of which 10 to 20% meet present regulations, environmental and technical conditions.
WTH and TRB exchanged all of the issued and outstanding shares in the capital of WTH for 7,189,950 common shares of TRB through an equity swap in TRB's common shares. TRB issued to WTH shareholders 25 common shares of TRB in exchange for each common share of WTH. The exchange ratio (25:1) was calculated based upon a price of $0.20 for each TRB share and $5 for each WTH share. WTH will continue to operate as a wholly owned subsidiary of TRB.
As a condition of the transaction, TRB agreed to fund the investigative phase of the WTH tidal power sites and the associated capital requirements commencing March 1st , 2013 for a period of twelve months through February 28th, 2014 in the amount of $25,000 each month for a total of $300,000.
The effective date for the purchase and exchange of the shares by the Parties was February 28, 2013 and the Closing Date occurred on August 12, 2013. Closing of the proposed purchase by TRB was subject to the consent and approval of the TSX(V) exchange.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy company incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute's primary focus is on adding value to shareholders by developing and maintaining a long-term interest in market-based priced underground natural gas storage assets and renewable energy projects in Canada. Tribute's objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long-term cash flow when fully operational. Tribute's business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute creates value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Tribute to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by Tribute with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Tribute to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jennifer Lewis, CFO of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.
To view the press release as a PDF file, please click on the following link:
Source: Tribute Resources Inc. (TSX-V: TRB) www.tributeresources.com
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