London, Ontario, CANADA, November 1, 2017
Tribute Resources Inc. (TSX-V:TRB) (“Tribute” or the “Company”) announces the execution of the final agreements to sell all of the shares of Bayfield Resources Inc. to an arm’s length purchaser. Bayfield Resources Inc. was a wholly owned subsidiary of the Company which holds both the Bayfield and Stanley Ontario Energy Board designated natural gas storage pools and all related rights thereto. This sale will complete Transation #3 described in the Tribute presss release issued on October 12, 2017. A summary of this transation is included below.
The sale of these assets, along with the remaining oil and gas assets will enable Tribute to focus on its renewable energy projects within the tidal and marine sector and will provide working capital to continue with these development initiatives. Once the remaining two sales discussed in the October 12, 2017 press release are completed, Tribute will be able to access additional financing for its renewable energy projects that can only be sourced after the non-renewable assets have been divested.
Sale of shares of Bayfield Resources Inc. to arm’s length third party
Tribute sold 100 issued and outstanding common shares of Bayfield Resources Inc., a wholly owned subsidiary of Tribute to 2601389 Ontario Inc., an arm’s length purchaser. Bayfield Resources Inc. holds the Ontario Energy Board designated storage rights to two natural gas storage pools which were being held for development by Tribute: the Bayfield and Stanley pools located in Huron county. Included in the assets of Bayfield Resources Inc. are storage and petroleum and natural gas storage leases related to these pools, four natural gas wells and related well security bonds, various seismic including 3D seismic over these two pools and the Ontario Energy Board designation of these two pools. The sale price is $1,000,000 with an effective date of August 31, 2017. The purchase price will be paid by: 1) the assumption by the Purchaser of Bayfield debt to Tribute the amount of $996,000; 2) cash of $4,000 paid directly to Tribute. To date, Tribute has received $4,000 for the purchase of the shares and $696,000 in proceeds as partial payment of the note payable on the assumption of debt in 1) above from this sale.
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 renewable energy projects. 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 energy related asset base. For more information please visit www.Tribute resources.com.
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