Tribute Resources Announces Receipt of Final Milestone Paymentadmin
Tribute Resources Announces Receipt of Final Milestone Payment
London, Ontario CANADA, December 06, 2013 /FSC/ – Tribute Resources Inc. (TRB – TSX Venture), (“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.
About Tribute Resources Inc.
Tribute is a Canadian publicly traded energy company incorporated under the Business Corporation 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 and in market-based priced underground natural gas storage assets 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 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 and diversified energy related asset base. For more information please visit www.tributeresources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CFO, Tribute Resources Inc.
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Source: Tribute Resources Inc. (TSX-V: TRB) http://www.tributeresources.com
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Posted: December 6th, 2013 under FSCWIRE.