London, Ontario, CANADA, July 13, 2016
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce the acquisition of an interest in a contracted development stage tidal energy project in Nova Scotia. The Minas project will be developed and owned by the Minas Tidal Limited Partnership (the “Minas LP”). The Minas LP acquired Berth A in the Fundy Ocean Resource Center for Energy (FORCE) in the Bay of Fundy, Nova Scotia from Minas Basin Pulp and Power. The Minas LP is owned jointly by Tocardo Canada, a subsidiary of Tocardo International BV and International Marine Energy (“IME”), a corporation owned 50% by Tribute. The Tocardo technology will be tested at the site in late 2017 with full deployment expected in 2018. Tocardo has been developing and deploying its tidal turbines in rivers and ocean environments for over a decade.
The project has a 15 year power purchase contract with Nova Scotia Power Inc. to sell tidal power at a price of $0.53 per kilowatt hour. FORCE has subsea cables installed at Berth A as well as a substation to interconnect the generated power to Nova Scotia Power Inc. The Bay of Fundy boasts some of the largest tides in the world and is considered an ideal location for tidal power projects.
Minas Tidal presents a unique opportunity for Tribute to work with Tocardo and the Nova Scotian team, combining our respective expertise to build a Nova Scotian project that will contribute to the development of Nova Scotia’s considerable tidal energy potential. Minas Tidal has commenced discussions with local supply chain companies and will also undertake comprehensive stakeholder consultation with First Nations, the fishing industry, regulators, and communities and complete all necessary regulatory requirements prior to testing.
“This renewable energy potential in the Bay of Fundy tides is attracting world-wide attention and respected international players like Tocardo and IME” said Michel Samson, Minister of Energy. “The involvement of companies of this caliber, and the ability to test the different technologies they bring to the table here, will help Nova Scotia become a global leader in tidal energy and continue to build our economy.”
In 2013 Tribute entered the Canadian river, marine and tidal market with its acquisition of Western Tidal Holdings Ltd., a British Columbia-based tidal power company. Since that time, Tribute and IME have continued to expand their tidal and renewable project interests in Canada. IME is 50% owned by Tribute and 50% by an independent investor. Tocardo is active world-wide in the rapidly developing tidal energy industry and currently have 10 tidal turbines installed and operational in the Netherlands. The Minas LP has assembled an experienced and knowledgeable Nova Scotian team to develop the Minas Project.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy company that was 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 investing in energy projects including market-based priced underground natural gas storage assets, oil and natural gas reserves 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 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.
Certain statements in this press release may include “forward-looking” statements or information 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”, “intend” 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. The forward looking information and statements contained in this press release speak only as of the date hereof, and Tribute does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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.