London, Ontario, CANADA, August 19, 2016
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce the approval and partial funding of a credit facility in the amount of $1.8 million from Pace Credit Union. The debt is structured as a $1 million term loan with a 5 year term and a line of credit expiring December 31, 2016 in the amount of $800,000 at an interest rate of 7.25%.
Funds will be utilized to advance renewable energy projects and for general working capital, including the acquisition of $800,000 of units in the Minas Tidal Limited Partnership (the ”Minas LP”). Minas LP owns the development rights to Berth A at FORCE, a contracted development stage tidal energy project in Nova Scotia. Tocardo International BV (“Tocardo”), a tidal turbine technology owned 46.5% by Tribute, 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 project.
Tocardo is active world-wide in the rapidly developing tidal energy industry and currently have 10 tidal turbines installed and operational in the Netherlands.
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.