Tribute Resources Inc. (TSX-V:TRB) (“Tribute”) a developer of Canadian renewable energy projects, is very pleased to announce that Capital Power Corporation ( “Capital Power”) has achieved their Commercial Operation Date (“COD”) from the Ontario Power Authority’s (“OPA”) Feed-In-Tariff (“FIT”) Program for the now operating Nanticoke and Port Dover wind projects (the “Project”). As such, Tribute received the fourth and final milestone payment on December 5, 2013 on the sale of the Project to Capital Power. Dover East Wind Limited Partnership (“Dover”), now owned 100% by Tribute, received a payment of $1,303,992.80 and the Nanticoke Wind Limited Partnership (“Nanticoke”), owned 100% by Tribute, received a net payment in the amount of $4,412,548.80. On a consolidated basis, Tribute received a gross payment of $5,716,541.60 from which management bonuses of $150,000.00 were paid.
Tribute had the option to take this final milestone payment as a lump sum or as a 1.6% gross overriding royalty. Tribute elected to take the payment as a lump sum to allow Tribute to retain the right to purchase up to a 10% equity position in the project. Such right to purchase equity is available to Tribute for up to six months after it received notice of the Project’s COD. Tribute is currently securing financing with respect to exercising this right to purchase.
For more information, contact:
Chief Financial Officer and Treasurer
Tribute Resources Inc.