2009
2009
Investor Relations
LONDON, Ontario, November 27, 2009 – Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), a developer of natural gas storage assets and renewable energy projects in Ontario, announced today that it has sold its wind assets in the Dover East Wind Limited Partnership (“Dover”) and Nanticoke Wind Limited Partnership (“Dover”) for a 100 to 110 megawatt (“MW”) potential wind energy project (the “Project”) to a leading Canadian energy business.
Terms of the deal include a closing payment in the amount of $1,500,000 and further milestone payments as the Project works its way through the Ontario Power Authority’s Feed-in Tariff (“FIT”) program and Ontario’s Renewable Energy Approval (“REA”) process. Additional payments will be received upon the offer and acceptance of a FIT contract, upon receipt of the REA, and a final payment on the Commercial Operation Date (“COD”). Nanticoke retains the right to repurchase a 10% non-voting interest in the Project or obtain a royalty interest in the Project upon COD.
Nanticoke sold land lease options and wind test data on 6,500 acres of lands near Nanticoke, Ontario. Dover has sold land lease options and wind test data on 1,575 contiguous acres of lands just east of Port Dover, Ontario. Tribute owns 100% of Nanticoke and a 67% interest in Dover. The Project proposes to interconnect with Hydro One Networks Inc.’s twin circuit 230 kV lines. Transmission interconnection facilities engineering work and environmental studies are underway.
The purchaser will submit the Project into the FIT program, which offers qualifying projects a specified price for electricity generated from renewable sources in Ontario over a 20-year term. The Project is also subject to REA process, which was commenced by Tribute. Tribute will continue to participate in the development of the Project under a development agreement that will be finalized as soon as practicable.
About Tribute Resources Inc.:
Tribute is a Canadian energy company with a primary focus on adding value to shareholders by exploring for, developing and maintaining a long-term interest in market-based priced underground natural gas storage assets and renewable energy projects in the Province of Ontario. 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 developed. 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 will create 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.
Tribute believes that it is well positioned to take advantage of opportunities in the ongoing restructuring of the energy markets in Ontario and North America. Tribute’s three business units – Underground Natural Gas Storage, Oil and Gas Exploration, and Renewable Energy Development – are strategically aligned with the evolving energy market.
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 Jane Lowrie, President of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.
Announcement of sale of wind asssets near Nanticoke, Ontario
26/11/09
Tribute Resources Inc. announces sale of wind assets near Nanticoke, Ontario